https://www.taxtmi.com/caselaws?id=366796 The Tribunal upheld the Principal Commissioner of Income Tax's decision to revise the assessment order under Section 263, deeming the Assessing Officer's acceptance of the indexed costs of construction and improvement erroneous. The appeal by the assessee was dismissed, affirming the directive to disallow the claimed expenditure of Rs. 13,63,507. The Tribunal found the cited case law inapplicable and supported the PCIT's conclusion that the assessment order was prejudicial to Revenue interests. en-us Wed, 05 Sep 2018 00:00:00 +0530 Mon, 10 Sep 2018 22:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366796 The Tribunal upheld the Principal Commissioner of Income Tax's decision to revise the assessment order under Section 263, deeming the Assessing Officer's acceptance of the indexed costs of construction and improvement erroneous. The appeal by the assessee was dismissed, affirming the directive to disallow the claimed expenditure of Rs. 13,63,507. The Tribunal found the cited case law inapplicable and supported the PCIT's conclusion that the assessment order was prejudicial to Revenue interests. Case-Laws Income Tax Wed, 05 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366796