https://www.taxtmi.com/caselaws?id=303969 The tribunal allowed the appeal of the assessee, quashing the CIT's order under section 263 of the Income-tax Act. It held that the AO's assessment order was not erroneous or prejudicial to the interest of the Revenue. The tribunal determined that the income received should be treated as capital gains, emphasizing that the CIT cannot invoke section 263 to impose his opinion over a legal and probable view taken by the AO. en-us Fri, 28 Oct 2016 00:00:00 +0530 Tue, 30 Aug 2022 08:34:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303969 The tribunal allowed the appeal of the assessee, quashing the CIT's order under section 263 of the Income-tax Act. It held that the AO's assessment order was not erroneous or prejudicial to the interest of the Revenue. The tribunal determined that the income received should be treated as capital gains, emphasizing that the CIT cannot invoke section 263 to impose his opinion over a legal and probable view taken by the AO. Case-Laws Income Tax Fri, 28 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303969