https://www.taxtmi.com/caselaws?id=412966 The Appellate Tribunal set aside the Principal Commissioner of Income Tax's order under section 263, directing a recomputation of capital gains on land transfer. The Tribunal held that only the share of land transferred should be taxed as capital gains, not the entire land transfer amount. The Tribunal found the Assessing Officer's assessment, based on the land share transferred for development, to be correct. Consequently, the Tribunal allowed the appeals of the assessees, rejecting the PCIT's revision as impermissible based on a mere difference of opinion. en-us Fri, 24 Sep 2021 00:00:00 +0530 Fri, 01 Oct 2021 08:34:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412966 The Appellate Tribunal set aside the Principal Commissioner of Income Tax's order under section 263, directing a recomputation of capital gains on land transfer. The Tribunal held that only the share of land transferred should be taxed as capital gains, not the entire land transfer amount. The Tribunal found the Assessing Officer's assessment, based on the land share transferred for development, to be correct. Consequently, the Tribunal allowed the appeals of the assessees, rejecting the PCIT's revision as impermissible based on a mere difference of opinion. Case-Laws Income Tax Fri, 24 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412966