https://www.taxtmi.com/caselaws?id=439344 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax under section 263, holding that the Assessing Officer's decision to treat income from the sale of land as Long Term Capital Gain was valid. The Tribunal found that the Assessing Officer had appropriately examined the transactions and the nature of the land, concluding that the sale did not indicate a business activity. The appeal of the assessee was allowed, and the order to treat the income as business income was overturned. en-us Tue, 06 Jun 2023 00:00:00 +0530 Wed, 21 Jun 2023 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439344 The Tribunal quashed the order passed by the Principal Commissioner of Income Tax under section 263, holding that the Assessing Officer's decision to treat income from the sale of land as Long Term Capital Gain was valid. The Tribunal found that the Assessing Officer had appropriately examined the transactions and the nature of the land, concluding that the sale did not indicate a business activity. The appeal of the assessee was allowed, and the order to treat the income as business income was overturned. Case-Laws Income Tax Tue, 06 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439344