https://www.taxtmi.com/caselaws?id=9628 HC upheld the Tribunal, holding that the Tribunal's fact findings were supported by evidence and the Commissioner could not assume jurisdiction under s.263. The twin conditions for invoking s.263 - that the assessment order is erroneous and prejudicial to Revenue - were not satisfied, and the Assessing Officer's view was a reasonably possible conclusion on the facts. Consequently the Commissioner's order under s.263 was unsustainable, and the income was properly taxed as capital gains, not business income, decision rendered in favor of the assessee. en-us Mon, 09 Jan 2006 00:00:00 +0530 Fri, 19 Sep 2025 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9628 HC upheld the Tribunal, holding that the Tribunal's fact findings were supported by evidence and the Commissioner could not assume jurisdiction under s.263. The twin conditions for invoking s.263 - that the assessment order is erroneous and prejudicial to Revenue - were not satisfied, and the Assessing Officer's view was a reasonably possible conclusion on the facts. Consequently the Commissioner's order under s.263 was unsustainable, and the income was properly taxed as capital gains, not business income, decision rendered in favor of the assessee. Case-Laws Income Tax Mon, 09 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9628