https://www.taxtmi.com/caselaws?id=335590 The Tribunal held that the Assessing Officer (AO) was justified in issuing the assessment order without a draft order under section 144C as there was no proposed variation in the returned income. The income was classified as capital gains, not business income, despite the initial disclosure. The receipts were deemed taxable as capital gains in the assessment year 2006-07, not 2010-11. The Tribunal found that Section 42(2)(b) was not applicable, and the gains should be taxed under Section 45. The appeal was partly allowed, directing the taxation of capital gains in the assessment year 2006-07. en-us Tue, 29 Nov 2016 00:00:00 +0530 Mon, 05 Dec 2016 13:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335590 The Tribunal held that the Assessing Officer (AO) was justified in issuing the assessment order without a draft order under section 144C as there was no proposed variation in the returned income. The income was classified as capital gains, not business income, despite the initial disclosure. The receipts were deemed taxable as capital gains in the assessment year 2006-07, not 2010-11. The Tribunal found that Section 42(2)(b) was not applicable, and the gains should be taxed under Section 45. The appeal was partly allowed, directing the taxation of capital gains in the assessment year 2006-07. Case-Laws Income Tax Tue, 29 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335590