https://www.taxtmi.com/caselaws?id=354638 The court found that the Commissioner of Income Tax had jurisdiction under Section 263 due to the Assessing Officer's erroneous view. The determination of fair market value of land was remanded for accurate valuation by the District Valuation Officer. The validity of converting lease rights into stock-in-trade depended on lease renewal post-2002. The court directed a reassessment considering the doctrine of merger and the nature of Nazul land rights. The matters were remanded to the Assessing Officer for a comprehensive reevaluation, aligning with the court's analysis and setting aside or modifying Tribunal orders accordingly. en-us Thu, 25 Jan 2018 00:00:00 +0530 Thu, 19 Jul 2018 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354638 The court found that the Commissioner of Income Tax had jurisdiction under Section 263 due to the Assessing Officer's erroneous view. The determination of fair market value of land was remanded for accurate valuation by the District Valuation Officer. The validity of converting lease rights into stock-in-trade depended on lease renewal post-2002. The court directed a reassessment considering the doctrine of merger and the nature of Nazul land rights. The matters were remanded to the Assessing Officer for a comprehensive reevaluation, aligning with the court's analysis and setting aside or modifying Tribunal orders accordingly. Case-Laws Income Tax Thu, 25 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354638