https://www.taxtmi.com/caselaws?id=288616 The Tribunal held that the Principal Commissioner of Income Tax erred in revising the assessment order under section 263 of the Income Tax Act, 1961, based on deduction claims under sections 54 and 54F. The original assessment order was restored as the deduction claims were not part of the subsequent assessment and did not meet the criteria for revision jurisdiction. The appellant's appeal was allowed, emphasizing that the revision by the PCIT was deemed incorrect, and the assessment proceedings under sections 153A/143(3) concerning long term capital gains and deduction claims were upheld. en-us Tue, 31 Dec 2019 00:00:00 +0530 Fri, 19 Jun 2020 11:29:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288616 The Tribunal held that the Principal Commissioner of Income Tax erred in revising the assessment order under section 263 of the Income Tax Act, 1961, based on deduction claims under sections 54 and 54F. The original assessment order was restored as the deduction claims were not part of the subsequent assessment and did not meet the criteria for revision jurisdiction. The appellant's appeal was allowed, emphasizing that the revision by the PCIT was deemed incorrect, and the assessment proceedings under sections 153A/143(3) concerning long term capital gains and deduction claims were upheld. Case-Laws Income Tax Tue, 31 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288616