https://www.taxtmi.com/caselaws?id=396639 The Tribunal allowed the assessee's appeal, reversing the PCIT's revision under Section 263 of the Income Tax Act, 1961, which had directed reassessment of income from holiday homes. It found that the Assessing Officer's classification of this income as business income was valid and previously upheld by CIT(A) and the Tribunal. The PCIT's revision was deemed unsustainable as the classification issue was debatable and the original assessment was one possible view. The Tribunal restored the original assessment, considering the extraordinary period due to the COVID-19 pandemic, and pronounced the judgment on 10.07.2020. en-us Fri, 10 Jul 2020 00:00:00 +0530 Fri, 08 Nov 2024 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396639 The Tribunal allowed the assessee's appeal, reversing the PCIT's revision under Section 263 of the Income Tax Act, 1961, which had directed reassessment of income from holiday homes. It found that the Assessing Officer's classification of this income as business income was valid and previously upheld by CIT(A) and the Tribunal. The PCIT's revision was deemed unsustainable as the classification issue was debatable and the original assessment was one possible view. The Tribunal restored the original assessment, considering the extraordinary period due to the COVID-19 pandemic, and pronounced the judgment on 10.07.2020. Case-Laws Income Tax Fri, 10 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396639