https://www.taxtmi.com/caselaws?id=269158 The Tribunal set aside the Principal Commissioner of Income Tax's order under section 263 and restored the Assessing Officer's assessment order. The Tribunal found that the Assessing Officer had appropriately considered the cost of construction and resultant loss during the original assessment proceedings, and the Principal Commissioner had not shown how the Assessing Officer's decision was erroneous or prejudicial to revenue. The Tribunal did not delve into the issue of verifying the creditworthiness of the purchaser, focusing primarily on the cost of construction and resultant loss. en-us Wed, 21 Oct 2015 00:00:00 +0530 Wed, 09 Dec 2015 09:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269158 The Tribunal set aside the Principal Commissioner of Income Tax's order under section 263 and restored the Assessing Officer's assessment order. The Tribunal found that the Assessing Officer had appropriately considered the cost of construction and resultant loss during the original assessment proceedings, and the Principal Commissioner had not shown how the Assessing Officer's decision was erroneous or prejudicial to revenue. The Tribunal did not delve into the issue of verifying the creditworthiness of the purchaser, focusing primarily on the cost of construction and resultant loss. Case-Laws Income Tax Wed, 21 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269158