TMI BlogRevision u/s 264 - computation of income from capital gains - Although, there is a detailed discussion...Revision u/s 264 - computation of income from capital gains - Although, there is a detailed discussion with regard to the nature of the transaction, as to whether it is a transfer or not, we find there is no application of mind as to whether the subject lands are capital asset or not. We reiterate that unless the subject matter of transfer are capital assets, there cannot be any demand under Chapter-IV of the Act. Therefore, the assessees herein preferred a revision under Section 264 of the Act. - AO directed to consider the claim of the assessee - HC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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