https://www.taxtmi.com/caselaws?id=337247 The tribunal held that the assessment order under section 143(3) of the Income Tax Act was not erroneous or prejudicial to revenue. The CIT's attempt to revise the assessment order was rejected as the A.O. had properly examined the computation of capital gains on relinquishment of share in partnership firms. The tribunal also ruled that the amount received over the capital account should not be treated as goodwill for tax purposes. The appeal by the assessee was allowed, and the tribunal set aside the CIT's order under section 263, reinstating the assessment order passed by the A.O. en-us Tue, 08 Nov 2016 00:00:00 +0530 Thu, 05 Jan 2017 09:13:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337247 The tribunal held that the assessment order under section 143(3) of the Income Tax Act was not erroneous or prejudicial to revenue. The CIT's attempt to revise the assessment order was rejected as the A.O. had properly examined the computation of capital gains on relinquishment of share in partnership firms. The tribunal also ruled that the amount received over the capital account should not be treated as goodwill for tax purposes. The appeal by the assessee was allowed, and the tribunal set aside the CIT's order under section 263, reinstating the assessment order passed by the A.O. Case-Laws Income Tax Tue, 08 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337247