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2014 (2) TMI 1242 - HC - Income TaxValidity of revision order u/s 263 - as per CIT(A) addition ought to have been towards undisclosed income of AOP instead of being taxed under the head 'income from business' - Held that:- In the present case, it is more than apparent that the learned Commissioner has proceeded to invoke his jurisdiction under s. 263 of the Act only on his own opinion as to how the amount of the income concerned ought to have been treated. We may observe that so far this amount of ₹ 38,17,000 is concerned, it was not the case that the assessee had not disclosed the same at all. It is different matter that the same was treated by the AO to be part of income of business after consideration of the record and with the finding that the same was to be treated as profit from the business of sale of agricultural land. In the given set of facts and circumstances of the case, particularly when the said income has been duly added to the income of the assessee, neither the order of the AO on this ground could have been considered as erroneous nor it could have been treated as operating prejudicial to the interest of Revenue. Thus when we find that the order passed by the Tribunal is in consonance with the law applicable and cannot be said to be legally unjustified, the formulated question in this case is required to be answered in the affirmative i.e., against the Revenue and in favour of the assessee.
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