https://www.taxtmi.com/caselaws?id=413353 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) exceeded his revisional jurisdiction under section 263 by attempting to recharacterize income from the sale of land as 'business income' instead of 'capital gains'. The Tribunal held that the Assessing Officer's decision to treat the income as 'capital gains' was reasonable and not legally erroneous. Consequently, the Tribunal quashed the PCIT's revisional order and upheld the original assessment order, ruling in favor of both assessees. en-us Wed, 29 Sep 2021 00:00:00 +0530 Fri, 08 Oct 2021 21:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413353 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) exceeded his revisional jurisdiction under section 263 by attempting to recharacterize income from the sale of land as 'business income' instead of 'capital gains'. The Tribunal held that the Assessing Officer's decision to treat the income as 'capital gains' was reasonable and not legally erroneous. Consequently, the Tribunal quashed the PCIT's revisional order and upheld the original assessment order, ruling in favor of both assessees. Case-Laws Income Tax Wed, 29 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413353