https://www.taxtmi.com/caselaws?id=362005 The Tribunal found that the AO's assessment order was not erroneous or prejudicial to the revenue. The categorization of the receipt as business income was deemed plausible, and taxing it as short-term capital gains would not exceed the applicable tax rate. Consequently, the Tribunal quashed the Principal CIT's assumption of jurisdiction under section 263 and allowed the assessee's appeal. en-us Thu, 14 Jun 2018 00:00:00 +0530 Sat, 16 Jun 2018 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362005 The Tribunal found that the AO's assessment order was not erroneous or prejudicial to the revenue. The categorization of the receipt as business income was deemed plausible, and taxing it as short-term capital gains would not exceed the applicable tax rate. Consequently, the Tribunal quashed the Principal CIT's assumption of jurisdiction under section 263 and allowed the assessee's appeal. Case-Laws Income Tax Thu, 14 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362005