https://www.taxtmi.com/caselaws?id=413811 The Tribunal held that the assessee met the conditions under section 54 of the Income Tax Act by entering into an agreement and making substantial payments for a new property. The delay in registration and possession was deemed beyond the assessee's control. Additionally, it was found that the Assessing Officer conducted thorough verification and applied due diligence during the assessment proceedings. Consequently, the assessment order was deemed not erroneous or prejudicial to the revenue's interest. The Tribunal allowed the assessee's appeal, quashing the order issued by the Principal Commissioner of Income Tax under section 263 of the Act. en-us Fri, 17 Sep 2021 00:00:00 +0530 Thu, 21 Oct 2021 08:17:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413811 The Tribunal held that the assessee met the conditions under section 54 of the Income Tax Act by entering into an agreement and making substantial payments for a new property. The delay in registration and possession was deemed beyond the assessee's control. Additionally, it was found that the Assessing Officer conducted thorough verification and applied due diligence during the assessment proceedings. Consequently, the assessment order was deemed not erroneous or prejudicial to the revenue's interest. The Tribunal allowed the assessee's appeal, quashing the order issued by the Principal Commissioner of Income Tax under section 263 of the Act. Case-Laws Income Tax Fri, 17 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413811