Petitioners have filed the return of income showing the sale of property\u00a0 income as short term capital gains . The return was accepted u\/s 143(1) of the Act . The petitioner there after filed the revision application u\/s 264 of the Act\u00a0 contenting that they have wrongly shown as short term capital gains\u00a0 the correct position should have been the income should have shown as business\u00a0 income . CIT rejected the petition on the ground that application on the ground that it was afterthought top avoid the payment of capital gains tax .\u00a0 Allowing the petition the Court held that the\u00a0 petitioners have made a genuine error hence directed the CIT to dispose the petition expeditiously as possible and in any case with in a period of four months from to day .\u00a0 (WP No. 924 of 2019 dt 14-01 2020\u00a0 (AY. 2015 16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 264 :Commissioner – Revision of other orders \u2013Income from sale of property is shown as short term capital gains- Revision application made to assessee the income as business income [ S.5A, 28(i),45(2), 143(1) ,Portuguese Civil Code , Art .226 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9427","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2s3","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=9427"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9427\/revisions"}],"predecessor-version":[{"id":9428,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9427\/revisions\/9428"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}