https://www.taxtmi.com/caselaws?id=120668 The ITAT allowed the appeal, ruling in favor of the assessee. The tribunal found that the CIT's invocation of jurisdiction under section 263 was unjustified due to insufficient basis for enquiry and lack of evidence that the Assessing Officer's order was erroneous and prejudicial to revenue. The ITAT emphasized that the selling price should be considered in determining fair market value, especially when profits were made, and quashed the CIT's order under section 263, thereby dismissing the disallowance under section 40A(2)(b). en-us Fri, 25 Jan 2008 00:00:00 +0530 Fri, 19 Jan 2024 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120668 The ITAT allowed the appeal, ruling in favor of the assessee. The tribunal found that the CIT's invocation of jurisdiction under section 263 was unjustified due to insufficient basis for enquiry and lack of evidence that the Assessing Officer's order was erroneous and prejudicial to revenue. The ITAT emphasized that the selling price should be considered in determining fair market value, especially when profits were made, and quashed the CIT's order under section 263, thereby dismissing the disallowance under section 40A(2)(b). Case-Laws Income Tax Fri, 25 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120668