https://www.taxtmi.com/caselaws?id=400460 The Tribunal quashed the revision order passed under section 263 of the Income Tax Act, upholding the assessment order for the assessment year 2014-15. The Principal Commissioner of Income Tax did not identify any specific issues overlooked by the Assessing Officer, leading to the lack of jurisdiction in the revision order. The Tribunal also found discrepancies in the revision order concerning the computation of capital gains and exemption under section 54, ultimately ruling in favor of the assessee and rejecting the revision order as prejudicial to the interest of Revenue. en-us Thu, 29 Oct 2020 00:00:00 +0530 Sat, 07 Nov 2020 17:34:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400460 The Tribunal quashed the revision order passed under section 263 of the Income Tax Act, upholding the assessment order for the assessment year 2014-15. The Principal Commissioner of Income Tax did not identify any specific issues overlooked by the Assessing Officer, leading to the lack of jurisdiction in the revision order. The Tribunal also found discrepancies in the revision order concerning the computation of capital gains and exemption under section 54, ultimately ruling in favor of the assessee and rejecting the revision order as prejudicial to the interest of Revenue. Case-Laws Income Tax Thu, 29 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400460