https://www.taxtmi.com/caselaws?id=366691 The High Court held that the notice issued under section 263 of the Income Tax Act was invalid as the assessment order was not erroneous or prejudicial to the Revenue. The comparison of rental income and municipal taxes with another entity was deemed flawed due to the failure to consider various property-specific variables. The attempt to reallocate expenses between income sources was unfounded as the Assessing Officer had thoroughly examined and accepted the petitioner's explanations and documents. Consequently, the court set aside the notice, ruling in favor of the petitioner. en-us Tue, 28 Aug 2018 00:00:00 +0530 Thu, 04 Apr 2019 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366691 The High Court held that the notice issued under section 263 of the Income Tax Act was invalid as the assessment order was not erroneous or prejudicial to the Revenue. The comparison of rental income and municipal taxes with another entity was deemed flawed due to the failure to consider various property-specific variables. The attempt to reallocate expenses between income sources was unfounded as the Assessing Officer had thoroughly examined and accepted the petitioner's explanations and documents. Consequently, the court set aside the notice, ruling in favor of the petitioner. Case-Laws Income Tax Tue, 28 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366691