https://www.taxtmi.com/highlights?id=75215 Revision u/s 263 - The Tribunal observed that for invoking the provision of section 263 of the Act, twin conditions must be satisfied: the order should be erroneous and prejudicial to the interest of Revenue. If the AO adopts one of the plausible views, no prejudice would be caused. - In this case, the redemption of units of Bajaj Alliance and the claim of it as capital gain were made, which is amenable to capital gain tax under section 45 of the Act. - Consequently, the tribunal set aside the impugned order, restoring the findings of the AO. en-us Tue, 27 Feb 2024 13:27:03 +0530 Tue, 27 Feb 2024 13:27:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75215 Revision u/s 263 - The Tribunal observed that for invoking the provision of section 263 of the Act, twin conditions must be satisfied: the order should be erroneous and prejudicial to the interest of Revenue. If the AO adopts one of the plausible views, no prejudice would be caused. - In this case, the redemption of units of Bajaj Alliance and the claim of it as capital gain were made, which is amenable to capital gain tax under section 45 of the Act. - Consequently, the tribunal set aside the impugned order, restoring the findings of the AO. Highlights Income Tax Tue, 27 Feb 2024 13:27:03 +0530 https://www.taxtmi.com/highlights?id=75215