Tribunal Overturns Commissioner's Section 263 Revision, Emphasizes Objective Standards for Assessing Officer's Decisions on Capital Gains.

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....The Appellate Tribunal considered a case involving a revision u/s 263 regarding short-term and long-term capital gains. The Commissioner held the Assessing Officer's order as erroneous and prejudicial to revenue due to lack of enquiry. The Tribunal noted that the Commissioner did not question the AO's enquiries before deeming the order erroneous. The Commissioner's opinion should be based on objective satisfaction, not subjective. Merely seeking more enquiries does not justify setting aside the order. Failure to point out errors in the assessee's explanations led the Tribunal to rule in favor of the assessee, emphasizing the need for finality in assessments.....