https://www.taxtmi.com/caselaws?id=415672 The Tribunal held that the reassessment proceedings under Section 147 were valid due to the assessee's failure to disclose income from property sale. Regarding capital gains tax on the Joint Venture Agreement, the Tribunal ruled in favor of the assessee, stating no tax liability arose until project completion. The Tribunal found the revisionary powers exercised under Section 263 were unfounded, as the AO had appropriately considered all facts. The PCIT's order was quashed, and the appeal by the assessee was allowed. en-us Thu, 30 Sep 2021 00:00:00 +0530 Sat, 11 Dec 2021 09:25:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415672 The Tribunal held that the reassessment proceedings under Section 147 were valid due to the assessee's failure to disclose income from property sale. Regarding capital gains tax on the Joint Venture Agreement, the Tribunal ruled in favor of the assessee, stating no tax liability arose until project completion. The Tribunal found the revisionary powers exercised under Section 263 were unfounded, as the AO had appropriately considered all facts. The PCIT's order was quashed, and the appeal by the assessee was allowed. Case-Laws Income Tax Thu, 30 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415672