https://www.taxtmi.com/caselaws?id=347973 The Tribunal upheld the Commissioner's decision to revise the assessment order under section 263 of the Income-tax Act, 1961. The AO's failure to properly assess surplus from the sale of a property as 'Income from capital gains' instead of 'Income from business' was deemed prejudicial to the revenue's interest. The Tribunal dismissed the appeal, affirming that the assessment order was erroneous and supported the revision, emphasizing the importance of applying the correct provisions for taxability, ultimately ruling in favor of the Commissioner's revision. en-us Wed, 13 Sep 2017 00:00:00 +0530 Thu, 14 Sep 2017 08:08:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347973 The Tribunal upheld the Commissioner's decision to revise the assessment order under section 263 of the Income-tax Act, 1961. The AO's failure to properly assess surplus from the sale of a property as 'Income from capital gains' instead of 'Income from business' was deemed prejudicial to the revenue's interest. The Tribunal dismissed the appeal, affirming that the assessment order was erroneous and supported the revision, emphasizing the importance of applying the correct provisions for taxability, ultimately ruling in favor of the Commissioner's revision. Case-Laws Income Tax Wed, 13 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347973