https://www.taxtmi.com/caselaws?id=12741 The Tribunal upheld the Commissioner's order under section 263 of the Income-tax Act, setting aside the assessment order for the assessment year 1982-83 due to the assessee's suppression of the true value of the property sold, causing substantial prejudice to the Revenue. The Commissioner's power to revise orders prejudicial to the Revenue was deemed appropriate in this case, as the significant discrepancy in the reported and actual amounts justified setting aside the assessment order. The Commissioner's discretion to enhance, modify, or cancel the assessment was upheld, with the assessee having recourse to appellate and other remedies against the revised assessment order. en-us Wed, 07 Nov 2001 00:00:00 +0530 Thu, 21 May 2009 16:54:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12741 The Tribunal upheld the Commissioner's order under section 263 of the Income-tax Act, setting aside the assessment order for the assessment year 1982-83 due to the assessee's suppression of the true value of the property sold, causing substantial prejudice to the Revenue. The Commissioner's power to revise orders prejudicial to the Revenue was deemed appropriate in this case, as the significant discrepancy in the reported and actual amounts justified setting aside the assessment order. The Commissioner's discretion to enhance, modify, or cancel the assessment was upheld, with the assessee having recourse to appellate and other remedies against the revised assessment order. Case-Laws Income Tax Wed, 07 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12741