https://www.taxtmi.com/caselaws?id=331804 The High Court allowed the appeal, upholding the CIT's order to set aside the assessment under Section 263 due to the Assessing Officer's failure to consider Section 40A(3) applicability and actual land purchase price. The Court rejected the Tribunal's decision on Section 40A(3) applicability and required the assessee to prove non-ownership of the purchased land. The decision favored the revenue, emphasizing the importance of proper assessment procedures and evidence presentation. en-us Wed, 27 Jul 2016 00:00:00 +0530 Sat, 13 May 2017 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331804 The High Court allowed the appeal, upholding the CIT's order to set aside the assessment under Section 263 due to the Assessing Officer's failure to consider Section 40A(3) applicability and actual land purchase price. The Court rejected the Tribunal's decision on Section 40A(3) applicability and required the assessee to prove non-ownership of the purchased land. The decision favored the revenue, emphasizing the importance of proper assessment procedures and evidence presentation. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331804