https://www.taxtmi.com/caselaws?id=438645 The Tribunal condoned the delay in filing the appeal, considering the genuine reasons provided by the assessee. It upheld the Pr. CIT's exercise of revisionary jurisdiction under Section 263, agreeing that the original assessment was erroneous. The Tribunal classified the income from the sale of industrial land as capital gains, emphasizing that the sale did not amount to a trade adventure. Additionally, the Tribunal applied Section 50C, deeming the actual sale consideration as the full value for computing capital gains. Consequently, the appeal was allowed, directing the computation of income as capital gains based on the actual consideration received. en-us Thu, 01 Jun 2023 00:00:00 +0530 Tue, 06 Jun 2023 08:43:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438645 The Tribunal condoned the delay in filing the appeal, considering the genuine reasons provided by the assessee. It upheld the Pr. CIT's exercise of revisionary jurisdiction under Section 263, agreeing that the original assessment was erroneous. The Tribunal classified the income from the sale of industrial land as capital gains, emphasizing that the sale did not amount to a trade adventure. Additionally, the Tribunal applied Section 50C, deeming the actual sale consideration as the full value for computing capital gains. Consequently, the appeal was allowed, directing the computation of income as capital gains based on the actual consideration received. Case-Laws Income Tax Thu, 01 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438645