https://www.taxtmi.com/caselaws?id=301469 The Tribunal found that the Principal Commissioner of Income Tax's invocation of Section 263 was unjustified as the Assessing Officer had properly verified the assessee's claim for deduction under Section 54. The Tribunal upheld the assessee's eligibility for the deduction, considering the property as a long-term capital asset and in a habitable condition. The Tribunal ruled in favor of the assessee, setting aside the order under Section 263 and restoring the original assessment order passed by the Assessing Officer. en-us Fri, 28 Feb 2020 00:00:00 +0530 Tue, 05 Apr 2022 21:46:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301469 The Tribunal found that the Principal Commissioner of Income Tax's invocation of Section 263 was unjustified as the Assessing Officer had properly verified the assessee's claim for deduction under Section 54. The Tribunal upheld the assessee's eligibility for the deduction, considering the property as a long-term capital asset and in a habitable condition. The Tribunal ruled in favor of the assessee, setting aside the order under Section 263 and restoring the original assessment order passed by the Assessing Officer. Case-Laws Income Tax Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301469