https://www.taxtmi.com/caselaws?id=434931 The Tribunal quashed the revision proceedings initiated by the Pr. CIT under section 263, holding that the assessment order was neither erroneous nor prejudicial to the interest of Revenue. The compensation received by the assessee was deemed to be a capital receipt related to the extinguishment of rights in a capital asset, falling within the provisions of section 45 of the Income Tax Act, 1961. The appeal filed by the assessee was allowed. en-us Fri, 24 Feb 2023 00:00:00 +0530 Mon, 06 Mar 2023 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434931 The Tribunal quashed the revision proceedings initiated by the Pr. CIT under section 263, holding that the assessment order was neither erroneous nor prejudicial to the interest of Revenue. The compensation received by the assessee was deemed to be a capital receipt related to the extinguishment of rights in a capital asset, falling within the provisions of section 45 of the Income Tax Act, 1961. The appeal filed by the assessee was allowed. Case-Laws Income Tax Fri, 24 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434931