https://www.taxtmi.com/caselaws?id=400378 The Tribunal dismissed the appeal filed by the assessee, upholding the Principal Commissioner of Income Tax's order under Sec. 263. The Tribunal found that the Assessing Officer had not considered the Annual Lettable Value (ALV) of unsold flats, rendering the assessment order erroneous and prejudicial to the revenue. The Principal Commissioner's direction to reassess the issue with proper opportunity for the assessee was deemed appropriate. Additionally, the delay in filing the appeal was condoned due to genuine reasons. en-us Thu, 29 Oct 2020 00:00:00 +0530 Thu, 05 Nov 2020 13:05:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400378 The Tribunal dismissed the appeal filed by the assessee, upholding the Principal Commissioner of Income Tax's order under Sec. 263. The Tribunal found that the Assessing Officer had not considered the Annual Lettable Value (ALV) of unsold flats, rendering the assessment order erroneous and prejudicial to the revenue. The Principal Commissioner's direction to reassess the issue with proper opportunity for the assessee was deemed appropriate. Additionally, the delay in filing the appeal was condoned due to genuine reasons. Case-Laws Income Tax Thu, 29 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400378