https://www.taxtmi.com/caselaws?id=391761 The Tribunal partly allowed the appeal, directing the Assessing Officer to re-examine the nature and taxability of the lease premium received by the assessee. The AO was instructed to consider all relevant evidence, including the NCLT order, and make a fresh determination without being influenced by the Principal Commissioner of Income Tax's observations. The Tribunal found the initial assessment order to be erroneous and prejudicial to the interests of Revenue due to the lack of proper enquiry into the lease premium, prompting the invocation of section 263 of the Income Tax Act, 1961. en-us Fri, 31 Jan 2020 00:00:00 +0530 Thu, 06 Feb 2020 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391761 The Tribunal partly allowed the appeal, directing the Assessing Officer to re-examine the nature and taxability of the lease premium received by the assessee. The AO was instructed to consider all relevant evidence, including the NCLT order, and make a fresh determination without being influenced by the Principal Commissioner of Income Tax's observations. The Tribunal found the initial assessment order to be erroneous and prejudicial to the interests of Revenue due to the lack of proper enquiry into the lease premium, prompting the invocation of section 263 of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391761