https://www.taxtmi.com/caselaws?id=406884 The Tribunal overturned the CIT(A)'s decision to invoke Section 263 of the Income Tax Act, restoring the original assessment order. It held that the CIT(A) failed to prove the assessment order was erroneous and prejudicial to Revenue. The Tribunal also upheld the assessee's claims for improvement cost, exemption under Section 54, and indexed cost of acquisition, finding no prejudice to Revenue and supporting evidence for the assessee's valuation. Consequently, the appeal of the assessee was successful, and the original assessment order under Section 143(3) was reinstated. en-us Mon, 12 Apr 2021 00:00:00 +0530 Mon, 26 Apr 2021 10:21:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406884 The Tribunal overturned the CIT(A)'s decision to invoke Section 263 of the Income Tax Act, restoring the original assessment order. It held that the CIT(A) failed to prove the assessment order was erroneous and prejudicial to Revenue. The Tribunal also upheld the assessee's claims for improvement cost, exemption under Section 54, and indexed cost of acquisition, finding no prejudice to Revenue and supporting evidence for the assessee's valuation. Consequently, the appeal of the assessee was successful, and the original assessment order under Section 143(3) was reinstated. Case-Laws Income Tax Mon, 12 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406884