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2017 (4) TMI 1604 - AT - Income TaxRevision u/s 263 by CIT - income in question is assessable under the head “Business income or under the head capital gains” - HELD THAT:- No enquiry was made by the AO on this aspect that whether the income in question is assessable under the head “Business income or under the head capital gains” and therefore, in our considered opinion, this judgment of the Hon’ble Apex Court is squarely applicable and by respectfully following this judgment of the Hon’ble Apex Court in the case of Malabar Industrial Co. Ltd [2000 (2) TMI 10 - SUPREME COURT] we hold that there is no infirmity in the order passed by the CIT u/s 263 of the IT Act, 1961. Appeal of the assessee in the proceedings u/s 263 of the IT Act is dismissed.
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