https://www.taxtmi.com/caselaws?id=388107 The article explains that where an earlier revisional order under section 263 is set aside, the Assessing Officer cannot continue to reassess the same transfer issue for the year under appeal, and any capital gains computation must follow the correct year of transfer. It also notes that a difference between job work income in the profit and loss account and Form 26AS receipts may be explained by netting against purchases and supported records, rather than treated as undisclosed income. On the same reasoning, a section 50C adjustment cannot survive if no capital gain arises in that assessment year. en-us Tue, 15 Oct 2019 00:00:00 +0530 Thu, 07 Nov 2019 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388107 The article explains that where an earlier revisional order under section 263 is set aside, the Assessing Officer cannot continue to reassess the same transfer issue for the year under appeal, and any capital gains computation must follow the correct year of transfer. It also notes that a difference between job work income in the profit and loss account and Form 26AS receipts may be explained by netting against purchases and supported records, rather than treated as undisclosed income. On the same reasoning, a section 50C adjustment cannot survive if no capital gain arises in that assessment year. Case-Laws Income Tax Tue, 15 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388107