https://www.taxtmi.com/caselaws?id=14524 The High Court held that the Assessing Officer exceeded jurisdiction by changing the nature of income without proper inquiry, emphasizing due process and the assessee's right to present their case. The Court quashed the adjustment made under s. 143(1)(a) of the IT Act, allowing the writ petition challenging the alteration from "Long-term capital gains" to "Adventure in the nature of trade" for the assessment year 1991-92. The Court rejected the Revenue's argument on maintainability, asserting its discretion to entertain a writ petition despite the availability of an alternative remedy under s. 154(1)(b) of the Act. en-us Wed, 17 Jan 2001 00:00:00 +0530 Fri, 17 Jul 2009 10:21:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14524 The High Court held that the Assessing Officer exceeded jurisdiction by changing the nature of income without proper inquiry, emphasizing due process and the assessee's right to present their case. The Court quashed the adjustment made under s. 143(1)(a) of the IT Act, allowing the writ petition challenging the alteration from "Long-term capital gains" to "Adventure in the nature of trade" for the assessment year 1991-92. The Court rejected the Revenue's argument on maintainability, asserting its discretion to entertain a writ petition despite the availability of an alternative remedy under s. 154(1)(b) of the Act. Case-Laws Income Tax Wed, 17 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14524