https://www.taxtmi.com/caselaws?id=412274 The Tribunal ruled in favor of the assessee, holding that the Assessing Officer (AO) had appropriately examined the valuation of the property, taxation of capital gains on conversion of immovable property into stock-in-trade, and classification of contract receipts. The Tribunal found that the AO's actions were based on plausible views and not erroneous or prejudicial to the Revenue's interest. Therefore, the Principal Commissioner of Income Tax's revisional order under section 263 was canceled, and the assessee's appeal was allowed. en-us Mon, 23 Aug 2021 00:00:00 +0530 Tue, 14 Sep 2021 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412274 The Tribunal ruled in favor of the assessee, holding that the Assessing Officer (AO) had appropriately examined the valuation of the property, taxation of capital gains on conversion of immovable property into stock-in-trade, and classification of contract receipts. The Tribunal found that the AO's actions were based on plausible views and not erroneous or prejudicial to the Revenue's interest. Therefore, the Principal Commissioner of Income Tax's revisional order under section 263 was canceled, and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 23 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412274