https://www.taxtmi.com/caselaws?id=431768 Long-term leasehold rights under the allotment created an interest in immovable property and therefore constituted a capital asset; compensation received on cancellation of those rights was statutorily described as compensation and retained the character of a capital receipt, not income from other sources. The Assessing Officer had examined this treatment and accepted it, so the assessment order was not erroneous. As the statutory conditions of error and prejudice were absent, revision under section 263 of the Income-tax Act could not be sustained. en-us Fri, 18 Nov 2022 00:00:00 +0530 Wed, 25 Oct 2023 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431768 Long-term leasehold rights under the allotment created an interest in immovable property and therefore constituted a capital asset; compensation received on cancellation of those rights was statutorily described as compensation and retained the character of a capital receipt, not income from other sources. The Assessing Officer had examined this treatment and accepted it, so the assessment order was not erroneous. As the statutory conditions of error and prejudice were absent, revision under section 263 of the Income-tax Act could not be sustained. Case-Laws Income Tax Fri, 18 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431768