https://www.taxtmi.com/caselaws?id=390220 The Tribunal allowed the appeal, setting aside the Pr. CIT's revision order under Section 263 of the Income Tax Act, 1961. It ruled in favor of the assessee regarding the tax treatment of profit on the sale of ancestral property, emphasizing that even if Section 45(2) applied, there would be no revenue effect. The Tribunal highlighted the importance of considering specific circumstances, avoiding mere changes in opinion without actual revenue impact, and ensuring proper satisfaction of error and prejudice conditions for invoking Section 263. en-us Fri, 13 Dec 2019 00:00:00 +0530 Thu, 26 Dec 2019 06:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390220 The Tribunal allowed the appeal, setting aside the Pr. CIT's revision order under Section 263 of the Income Tax Act, 1961. It ruled in favor of the assessee regarding the tax treatment of profit on the sale of ancestral property, emphasizing that even if Section 45(2) applied, there would be no revenue effect. The Tribunal highlighted the importance of considering specific circumstances, avoiding mere changes in opinion without actual revenue impact, and ensuring proper satisfaction of error and prejudice conditions for invoking Section 263. Case-Laws Income Tax Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390220