https://www.taxtmi.com/caselaws?id=329598 The High Court upheld the Tribunal's decision in a tax appeal case where the Commissioner of Income Tax's order under section 263 was challenged. The Court affirmed the Tribunal's decision to not accept long term capital gain as "business income" and to store the issue of deduction under section 54 to the Assessing Officer's file. The Court emphasized the Assessing Officer's inquiries and the existence of multiple views on the matter, leading to the dismissal of the Tax Appeals. en-us Wed, 29 Jun 2016 00:00:00 +0530 Mon, 08 Aug 2022 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329598 The High Court upheld the Tribunal's decision in a tax appeal case where the Commissioner of Income Tax's order under section 263 was challenged. The Court affirmed the Tribunal's decision to not accept long term capital gain as "business income" and to store the issue of deduction under section 54 to the Assessing Officer's file. The Court emphasized the Assessing Officer's inquiries and the existence of multiple views on the matter, leading to the dismissal of the Tax Appeals. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329598