https://www.taxtmi.com/caselaws?id=380819 The tribunal quashed the revisionary order passed by the Principal Commissioner of Income Tax under section 263 of the Income Tax Act. It held that the limited scrutiny could not be expanded without proper approval, and the assessment order was not erroneous on grounds beyond the limited scrutiny. Additionally, it was noted that the agreement value was consistent with the rate used to determine on-money, and a previous decision supported the assessee's position. As a result, the tribunal allowed the assessee's appeal, ruling in their favor. en-us Fri, 17 May 2019 00:00:00 +0530 Tue, 28 May 2019 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380819 The tribunal quashed the revisionary order passed by the Principal Commissioner of Income Tax under section 263 of the Income Tax Act. It held that the limited scrutiny could not be expanded without proper approval, and the assessment order was not erroneous on grounds beyond the limited scrutiny. Additionally, it was noted that the agreement value was consistent with the rate used to determine on-money, and a previous decision supported the assessee's position. As a result, the tribunal allowed the assessee's appeal, ruling in their favor. Case-Laws Income Tax Fri, 17 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380819