https://www.taxtmi.com/caselaws?id=409171 The Tribunal allowed the appeals filed by the assessees, quashing the orders passed by the Principal Commissioner of Income Tax under Section 263. The Tribunal held that the delay in filing appeals was condoned due to valid reasons, the invocation of Section 263 was not justified regarding the correctness of the sale consideration for computing capital gain, and the deductions under Sections 54B and 54F were allowable as per the Income Tax Act. The original assessment orders were restored, and the appeals were allowed in favor of the assessees. en-us Mon, 28 Jun 2021 00:00:00 +0530 Thu, 01 Jul 2021 07:55:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409171 The Tribunal allowed the appeals filed by the assessees, quashing the orders passed by the Principal Commissioner of Income Tax under Section 263. The Tribunal held that the delay in filing appeals was condoned due to valid reasons, the invocation of Section 263 was not justified regarding the correctness of the sale consideration for computing capital gain, and the deductions under Sections 54B and 54F were allowable as per the Income Tax Act. The original assessment orders were restored, and the appeals were allowed in favor of the assessees. Case-Laws Income Tax Mon, 28 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409171