https://www.taxtmi.com/caselaws?id=12950 The court held that the second draft order issued by the Income-tax Officer was invalid. The capital gains from the sale of silver utensils were to be assessed as long-term capital gains, as initially proposed, rejecting the ITO's attempt to change them to short-term capital gains in the second draft order. The court emphasized procedural fairness and the importance of preventing arbitrariness in tax assessments, ruling in favor of the Revenue and against the assessee. en-us Fri, 21 Dec 2001 00:00:00 +0530 Mon, 25 May 2009 15:03:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12950 The court held that the second draft order issued by the Income-tax Officer was invalid. The capital gains from the sale of silver utensils were to be assessed as long-term capital gains, as initially proposed, rejecting the ITO's attempt to change them to short-term capital gains in the second draft order. The court emphasized procedural fairness and the importance of preventing arbitrariness in tax assessments, ruling in favor of the Revenue and against the assessee. Case-Laws Income Tax Fri, 21 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12950