COMMISSIONER OF INCOME TAX Vs. VIDYA THANGAKUMAR

JUDGEMENT

(1.) THIS tax case appeal is filed by the Revenue questioning the correctness of the order passed by the Income Tax Appellate Tribunal.

(2.) HEARD Mr. S. Rajesh, learned counsel for the appellant.

(3.) THE Commissioner of Income Tax later issued a show cause notice under Section 263, on the ground that the property, which the assessee got by way of settlement, was sold by her over a period of three years to various persons in the form of undivided share and that therefore, the income derived therefrom was a business income. The assessee filed objections. However, the Commissioner of Income Tax considered the objections, set aside the assessment and directed the Assessing Officer to treat the income from the property transaction as business income instead of capital gains.