https://www.taxtmi.com/caselaws?id=255051 The High Court dismissed the appeal by the Revenue against the Income Tax Appellate Tribunal's order regarding an NRI's inherited property sale. The Commissioner's revision under Section 263 of the Income Tax Act, based on a lower market value, was challenged by the respondent. The case emphasized the significance of precise cost of acquisition in computing capital gains. The Court highlighted the necessity of accurate information and procedural diligence in tax assessments to prevent discrepancies, affirming the Tribunal's decision without identifying factual or legal errors. en-us Wed, 10 Dec 2014 00:00:00 +0530 Wed, 07 Jan 2015 06:43:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255051 The High Court dismissed the appeal by the Revenue against the Income Tax Appellate Tribunal's order regarding an NRI's inherited property sale. The Commissioner's revision under Section 263 of the Income Tax Act, based on a lower market value, was challenged by the respondent. The case emphasized the significance of precise cost of acquisition in computing capital gains. The Court highlighted the necessity of accurate information and procedural diligence in tax assessments to prevent discrepancies, affirming the Tribunal's decision without identifying factual or legal errors. Case-Laws Income Tax Wed, 10 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255051