https://www.taxtmi.com/caselaws?id=378934 The Principal Commissioner of Income Tax set aside the assessment order under s.143(3) of the Income Tax Act for fresh assessment due to lack of inquiry into vital aspects, invoking revisional jurisdiction under s.263 of the Act. The alleged error in the assessment order regarding discrepancies in the cost of land purchase and stamp duty paid led to the dismissal of the Assessee's appeal. The Tribunal upheld the revisional action, emphasizing the necessity for the order to be found erroneous and prejudicial to the Revenue to invoke Section 263 of the Act. en-us Thu, 28 Feb 2019 00:00:00 +0530 Tue, 23 Apr 2019 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378934 The Principal Commissioner of Income Tax set aside the assessment order under s.143(3) of the Income Tax Act for fresh assessment due to lack of inquiry into vital aspects, invoking revisional jurisdiction under s.263 of the Act. The alleged error in the assessment order regarding discrepancies in the cost of land purchase and stamp duty paid led to the dismissal of the Assessee's appeal. The Tribunal upheld the revisional action, emphasizing the necessity for the order to be found erroneous and prejudicial to the Revenue to invoke Section 263 of the Act. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378934