https://www.taxtmi.com/caselaws?id=396055 The Tribunal quashed the Principal Commissioner of Income Tax's order under section 263, stating that the original assessment order was not erroneous or prejudicial to the interest of the Revenue. It was found that the AO had properly examined the deduction under sections 54 and 54F, determining that the acquisition of the new flat was a case of construction. Additionally, without incriminating material found during the search, the Tribunal held that additions could not be made under section 153A. The appeal of the assessee was allowed. en-us Wed, 17 Jun 2020 00:00:00 +0530 Tue, 22 Sep 2020 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396055 The Tribunal quashed the Principal Commissioner of Income Tax's order under section 263, stating that the original assessment order was not erroneous or prejudicial to the interest of the Revenue. It was found that the AO had properly examined the deduction under sections 54 and 54F, determining that the acquisition of the new flat was a case of construction. Additionally, without incriminating material found during the search, the Tribunal held that additions could not be made under section 153A. The appeal of the assessee was allowed. Case-Laws Income Tax Wed, 17 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396055