https://www.taxtmi.com/caselaws?id=170801 The Tribunal set aside the Commissioner of Income-tax's order passed under section 263, ruling in favor of the assessee. The income from the cancellation of the development agreement with Vansh Builders was to be assessed under the head of "capital gains" instead of "business income." The Tribunal held that the Assessing Officer had conducted necessary inquiries and applied his mind, concluding that the Commissioner's exercise of jurisdiction under section 263 was not justified. en-us Wed, 08 Aug 2012 00:00:00 +0530 Wed, 27 Apr 2016 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170801 The Tribunal set aside the Commissioner of Income-tax's order passed under section 263, ruling in favor of the assessee. The income from the cancellation of the development agreement with Vansh Builders was to be assessed under the head of "capital gains" instead of "business income." The Tribunal held that the Assessing Officer had conducted necessary inquiries and applied his mind, concluding that the Commissioner's exercise of jurisdiction under section 263 was not justified. Case-Laws Income Tax Wed, 08 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170801