https://www.taxtmi.com/caselaws?id=328038 The Tribunal quashed the Principal CIT's assumption of jurisdiction under section 263 of the Income Tax Act, finding it based on a change of opinion without new evidence. The CIT's direction for re-computation under section 50C concerning property valuation was deemed unjustified, as the higher value was not supported. The Tribunal ruled that the doctrine of merger did not apply, as the CIT(A) appeal concerned a different issue. Ultimately, the Tribunal allowed the appeals, emphasizing that the CIT could not overturn the AO's order without valid grounds. en-us Fri, 22 Apr 2016 00:00:00 +0530 Wed, 25 May 2016 08:25:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328038 The Tribunal quashed the Principal CIT's assumption of jurisdiction under section 263 of the Income Tax Act, finding it based on a change of opinion without new evidence. The CIT's direction for re-computation under section 50C concerning property valuation was deemed unjustified, as the higher value was not supported. The Tribunal ruled that the doctrine of merger did not apply, as the CIT(A) appeal concerned a different issue. Ultimately, the Tribunal allowed the appeals, emphasizing that the CIT could not overturn the AO's order without valid grounds. Case-Laws Income Tax Fri, 22 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328038