https://www.taxtmi.com/caselaws?id=407508 The Tribunal held that the Assessing Officer's original assessment order was not erroneous or prejudicial to revenue. The Principal Commissioner of Income Tax's assumption of jurisdiction under Section 263 was deemed unjustified as the AO had thoroughly examined all issues. The discrepancies in guideline value and construction deductions were found to have been adequately addressed during the original assessment, leading to the Tribunal quashing the Pr. CIT's order and restoring the AO's assessment order. The appellant's appeal was allowed. en-us Fri, 30 Apr 2021 00:00:00 +0530 Thu, 13 May 2021 08:27:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407508 The Tribunal held that the Assessing Officer's original assessment order was not erroneous or prejudicial to revenue. The Principal Commissioner of Income Tax's assumption of jurisdiction under Section 263 was deemed unjustified as the AO had thoroughly examined all issues. The discrepancies in guideline value and construction deductions were found to have been adequately addressed during the original assessment, leading to the Tribunal quashing the Pr. CIT's order and restoring the AO's assessment order. The appellant's appeal was allowed. Case-Laws Income Tax Fri, 30 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407508