https://www.taxtmi.com/caselaws?id=410197 The High Court clarified that taxpayers have the right to opt for revision under Section 264 of the Income Tax Act instead of filing an appeal, contrary to the Single Judge's observations. The case involved lands subject to a joint development agreement, with the court emphasizing the need to establish the lands as capital assets before applying capital gains tax. The Assessing Officer was directed to reconsider the matter in accordance with the law and relevant provisions, setting aside previous orders for reassessment. en-us Thu, 15 Jul 2021 00:00:00 +0530 Tue, 27 Jul 2021 08:55:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410197 The High Court clarified that taxpayers have the right to opt for revision under Section 264 of the Income Tax Act instead of filing an appeal, contrary to the Single Judge's observations. The case involved lands subject to a joint development agreement, with the court emphasizing the need to establish the lands as capital assets before applying capital gains tax. The Assessing Officer was directed to reconsider the matter in accordance with the law and relevant provisions, setting aside previous orders for reassessment. Case-Laws Income Tax Thu, 15 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410197