https://www.taxtmi.com/caselaws?id=197115 The Tribunal set aside the CIT's order passed under Section 263 and annulled the revision proceedings, restoring the AO's original order under Section 143(3). The appeal was allowed, with the Tribunal finding that the CIT failed to independently apply his mind and exceeded the scope of the Show Cause Notice in the final order. Additionally, the Tribunal held that Section 50C does not apply to leasehold properties, and the CIT's invocation of Section 263 was deemed invalid due to the AO's consideration of relevant details during regular assessment proceedings. en-us Wed, 27 Feb 2013 00:00:00 +0530 Thu, 28 Dec 2017 07:31:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197115 The Tribunal set aside the CIT's order passed under Section 263 and annulled the revision proceedings, restoring the AO's original order under Section 143(3). The appeal was allowed, with the Tribunal finding that the CIT failed to independently apply his mind and exceeded the scope of the Show Cause Notice in the final order. Additionally, the Tribunal held that Section 50C does not apply to leasehold properties, and the CIT's invocation of Section 263 was deemed invalid due to the AO's consideration of relevant details during regular assessment proceedings. Case-Laws Income Tax Wed, 27 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197115