https://www.taxtmi.com/caselaws?id=298377 The Tribunal allowed the assessee's appeal, ruling in favor of treating the profit from the sale of an ancestral property as capital gains, not business income. It held that the Pr. CIT's revision order lacked a substantial basis, did not show prejudice to revenue interest, and violated principles of natural justice. The decision emphasized the importance of fair treatment and due process in tax assessments, quashing the revision order. en-us Fri, 13 Dec 2019 00:00:00 +0530 Fri, 29 Oct 2021 04:26:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298377 The Tribunal allowed the assessee's appeal, ruling in favor of treating the profit from the sale of an ancestral property as capital gains, not business income. It held that the Pr. CIT's revision order lacked a substantial basis, did not show prejudice to revenue interest, and violated principles of natural justice. The decision emphasized the importance of fair treatment and due process in tax assessments, quashing the revision order. Case-Laws Income Tax Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298377