https://www.taxtmi.com/caselaws?id=290305 The Tribunal quashed the Commissioner of Income Tax's order under section 263, ruling in favor of the appellant. The Tribunal found that the Assessing Officer had properly considered the lease rent income as business income after thorough investigation and application of mind, rejecting the CIT's assertion of inadequate assessment. The Tribunal emphasized the A.O.'s lawful approach in reaching the decision and cited legal precedents in support. Consequently, the appeal by the assessee was allowed, and the CIT's order was set aside. en-us Tue, 01 Feb 2011 00:00:00 +0530 Fri, 18 Sep 2020 15:03:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290305 The Tribunal quashed the Commissioner of Income Tax's order under section 263, ruling in favor of the appellant. The Tribunal found that the Assessing Officer had properly considered the lease rent income as business income after thorough investigation and application of mind, rejecting the CIT's assertion of inadequate assessment. The Tribunal emphasized the A.O.'s lawful approach in reaching the decision and cited legal precedents in support. Consequently, the appeal by the assessee was allowed, and the CIT's order was set aside. Case-Laws Income Tax Tue, 01 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290305