https://www.taxtmi.com/caselaws?id=277367 The Tribunal held that the Commissioner of Income Tax (CIT) could not exercise jurisdiction under Section 263 as the Assessing Officer (AO) had properly examined and accepted the assessee's contentions. The Tribunal found the AO's decision not to tax capital gains in the assessment year 2009-10 reasonable based on the circumstances. Additionally, the Tribunal determined that the AO had conducted proper enquiries and verifications, thus the assessment order was not erroneous under Explanation 2 to Section 263. Consequently, the CIT's order was set aside, and the AO's assessment order was restored, allowing the assessee's appeal. en-us Fri, 20 Jul 2018 00:00:00 +0530 Mon, 03 Dec 2018 08:57:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277367 The Tribunal held that the Commissioner of Income Tax (CIT) could not exercise jurisdiction under Section 263 as the Assessing Officer (AO) had properly examined and accepted the assessee's contentions. The Tribunal found the AO's decision not to tax capital gains in the assessment year 2009-10 reasonable based on the circumstances. Additionally, the Tribunal determined that the AO had conducted proper enquiries and verifications, thus the assessment order was not erroneous under Explanation 2 to Section 263. Consequently, the CIT's order was set aside, and the AO's assessment order was restored, allowing the assessee's appeal. Case-Laws Income Tax Fri, 20 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277367