CIT's Section 263 Order Against AO Overruled: No Fault in Assessee's Classification of Brand Sales as LTCG.

CIT's Section 263 Order Against AO Overruled: No Fault in Assessee's Classification of Brand Sales as LTCG. https://www.taxtmi.com/highlights?id=30930 CIT u/s 263 has simply directed the AO, without satisfying himself, to verify whether the bifurcation made by assessee was with a view to reduce tax or not. No infirmity for offering the tax on sale of brands as LTCG. There is no merit in CIT’s observation for treating the same as business income. - AT en-us Fri, 26 Aug 2016 08:41:19 +0530 Fri, 26 Aug 2016 08:41:19 +0530 TaxTMI RSS Generator CIT's Section 263 Order Against AO Overruled: No Fault in Assessee's Classification of Brand Sales as LTCG. https://www.taxtmi.com/highlights?id=30930 CIT u/s 263 has simply directed the AO, without satisfying himself, to verify whether the bifurcation made by assessee was with a view to reduce tax or not. No infirmity for offering the tax on sale of brands as LTCG. There is no merit in CIT’s observation for treating the same as business income. - AT Highlights Income Tax Fri, 26 Aug 2016 08:41:19 +0530 https://www.taxtmi.com/highlights?id=30930