https://www.taxtmi.com/caselaws?id=427245 The Tribunal quashed the revision order passed by the Principal Commissioner under section 263 of the Income Tax Act, directing the Assessing Officer to treat the sale proceeds of shares as unexplained cash credit. The Tribunal found that the Assessing Officer had conducted thorough inquiries into the sale of shares and had made a plausible decision in treating the gains as business income. The Principal Commissioner's reliance on the previous year's assessment without considering the specifics of the current year's case was deemed improper. As a result, the appeal of the assessee was allowed, and the revision order was set aside. en-us Fri, 02 Sep 2022 00:00:00 +0530 Mon, 05 Sep 2022 07:22:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427245 The Tribunal quashed the revision order passed by the Principal Commissioner under section 263 of the Income Tax Act, directing the Assessing Officer to treat the sale proceeds of shares as unexplained cash credit. The Tribunal found that the Assessing Officer had conducted thorough inquiries into the sale of shares and had made a plausible decision in treating the gains as business income. The Principal Commissioner's reliance on the previous year's assessment without considering the specifics of the current year's case was deemed improper. As a result, the appeal of the assessee was allowed, and the revision order was set aside. Case-Laws Income Tax Fri, 02 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427245