https://www.taxtmi.com/caselaws?id=204814 The Tribunal allowed the appeal, quashing the Commissioner of Income Tax's order under section 263 of the Income-tax Act, 1961. The original assessment order was deemed appropriate and not prejudicial to the Revenue's interests. The Tribunal emphasized the limitations on the Commissioner's revisional powers, requiring errors and prejudice for revision. The Assessing Officer's consideration of fair market value, indexation, and expenses related to property transfer was found adequate, leading to the restoration of the original assessment order. en-us Fri, 22 Oct 2010 00:00:00 +0530 Fri, 20 Jan 2012 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204814 The Tribunal allowed the appeal, quashing the Commissioner of Income Tax's order under section 263 of the Income-tax Act, 1961. The original assessment order was deemed appropriate and not prejudicial to the Revenue's interests. The Tribunal emphasized the limitations on the Commissioner's revisional powers, requiring errors and prejudice for revision. The Assessing Officer's consideration of fair market value, indexation, and expenses related to property transfer was found adequate, leading to the restoration of the original assessment order. Case-Laws Income Tax Fri, 22 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204814