https://www.taxtmi.com/caselaws?id=415998 The Tribunal set aside the revisional order of the Principal Commissioner of Income Tax (PCIT) regarding the taxability of compensation received on the release of rights in a specific land parcel. It upheld that the compensation falls under "capital gains" rather than "income from other sources." The Tribunal emphasized that the PCIT's action lacked a definite basis and cannot interfere without legal justification. The Tribunal partially allowed the appeals, emphasizing the importance of respecting the AO's legally plausible views and the limitations of the revisional authority under section 263 of the Income Tax Act. en-us Wed, 15 Dec 2021 00:00:00 +0530 Sat, 18 Dec 2021 08:47:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415998 The Tribunal set aside the revisional order of the Principal Commissioner of Income Tax (PCIT) regarding the taxability of compensation received on the release of rights in a specific land parcel. It upheld that the compensation falls under "capital gains" rather than "income from other sources." The Tribunal emphasized that the PCIT's action lacked a definite basis and cannot interfere without legal justification. The Tribunal partially allowed the appeals, emphasizing the importance of respecting the AO's legally plausible views and the limitations of the revisional authority under section 263 of the Income Tax Act. Case-Laws Income Tax Wed, 15 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415998