https://www.taxtmi.com/caselaws?id=428786 The Tribunal found in favor of the assessee, ruling that the PCIT's assumption of jurisdiction under section 263 of the Income Tax Act was invalid. It held that the unsold flats, treated as stock-in-trade, should be assessed under 'business income,' not 'income from house property.' The Tribunal deemed the AO's decision justified and quashed the PCIT's order, declaring it void from the beginning. The appeal by the assessee was allowed, with the order pronounced on 06/10/2022. en-us Thu, 06 Oct 2022 00:00:00 +0530 Mon, 10 Oct 2022 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428786 The Tribunal found in favor of the assessee, ruling that the PCIT's assumption of jurisdiction under section 263 of the Income Tax Act was invalid. It held that the unsold flats, treated as stock-in-trade, should be assessed under 'business income,' not 'income from house property.' The Tribunal deemed the AO's decision justified and quashed the PCIT's order, declaring it void from the beginning. The appeal by the assessee was allowed, with the order pronounced on 06/10/2022. Case-Laws Income Tax Thu, 06 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428786