https://www.taxtmi.com/caselaws?id=262551 The court affirmed the decision of the Tribunal to proceed on merits despite the assessment order being set aside by the Commissioner under Section 263 of the Income Tax Act. Regarding the deletion of the addition made by the Assessing Officer, the court held that the Assessing Officer's valuation based on the builder's project cost was incorrect, and the agreed valuation of Rs. 800 per sq. ft. should be accepted. Consequently, the additions made by the Assessing Officer were ordered to be deleted. The court dismissed the appeal, ruling in favor of the assessee on both substantial questions of law. en-us Fri, 17 Jul 2015 00:00:00 +0530 Tue, 03 May 2016 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262551 The court affirmed the decision of the Tribunal to proceed on merits despite the assessment order being set aside by the Commissioner under Section 263 of the Income Tax Act. Regarding the deletion of the addition made by the Assessing Officer, the court held that the Assessing Officer's valuation based on the builder's project cost was incorrect, and the agreed valuation of Rs. 800 per sq. ft. should be accepted. Consequently, the additions made by the Assessing Officer were ordered to be deleted. The court dismissed the appeal, ruling in favor of the assessee on both substantial questions of law. Case-Laws Income Tax Fri, 17 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262551