https://www.taxtmi.com/caselaws?id=190273 The Tribunal upheld the Commissioner of Income Tax's order under section 263 of the IT Act, dismissing the assessee's appeal. The CIT's revision of the assessment order was deemed justified as the Assessing Officer failed to conduct a proper inquiry into the nature of the income, rendering the original assessment erroneous and prejudicial to the interest of the revenue. The Tribunal supported the reclassification of income from "Short Term Capital Gain" to "Profits & Gains of Business or Profession" based on the nature of the transactions, emphasizing the importance of thorough verification for accurate income classification. en-us Fri, 03 Feb 2012 00:00:00 +0530 Fri, 10 Feb 2017 16:23:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190273 The Tribunal upheld the Commissioner of Income Tax's order under section 263 of the IT Act, dismissing the assessee's appeal. The CIT's revision of the assessment order was deemed justified as the Assessing Officer failed to conduct a proper inquiry into the nature of the income, rendering the original assessment erroneous and prejudicial to the interest of the revenue. The Tribunal supported the reclassification of income from "Short Term Capital Gain" to "Profits & Gains of Business or Profession" based on the nature of the transactions, emphasizing the importance of thorough verification for accurate income classification. Case-Laws Income Tax Fri, 03 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190273