https://www.taxtmi.com/caselaws?id=350083 The Tribunal held that the Commissioner of Income Tax's invocation of Section 263 of the Income Tax Act was erroneous as the assessment was conducted judiciously by the Assessing Officer. The Tribunal found in favor of the assessee on the classification of capital gains as long-term, rejecting the CIT's assertion of short-term gains. Additionally, the Tribunal ruled in favor of the assessee regarding the assessment of sale consideration and cost of acquisition, as well as the genuineness of sale transactions, setting aside the CIT's orders and allowing the appeals filed by the assessee. en-us Fri, 27 Oct 2017 00:00:00 +0530 Tue, 31 Oct 2017 12:20:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350083 The Tribunal held that the Commissioner of Income Tax's invocation of Section 263 of the Income Tax Act was erroneous as the assessment was conducted judiciously by the Assessing Officer. The Tribunal found in favor of the assessee on the classification of capital gains as long-term, rejecting the CIT's assertion of short-term gains. Additionally, the Tribunal ruled in favor of the assessee regarding the assessment of sale consideration and cost of acquisition, as well as the genuineness of sale transactions, setting aside the CIT's orders and allowing the appeals filed by the assessee. Case-Laws Income Tax Fri, 27 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350083