https://www.taxtmi.com/caselaws?id=420674 The Tribunal upheld the Principal Commissioner's order under Section 263 of the Income-tax Act, 1961, due to the erroneous acceptance of the deduction claim under Section 54 without proper verification. The case involved challenges to the assessment of long-term capital gain and deduction claimed under Section 54, with the Tribunal emphasizing the need for verification and proper assessment procedures. The appeal was dismissed, affirming the need for accurate verification and assessment in tax matters to prevent prejudicial impacts on revenue. en-us Tue, 05 Apr 2022 00:00:00 +0530 Thu, 07 Apr 2022 10:01:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420674 The Tribunal upheld the Principal Commissioner's order under Section 263 of the Income-tax Act, 1961, due to the erroneous acceptance of the deduction claim under Section 54 without proper verification. The case involved challenges to the assessment of long-term capital gain and deduction claimed under Section 54, with the Tribunal emphasizing the need for verification and proper assessment procedures. The appeal was dismissed, affirming the need for accurate verification and assessment in tax matters to prevent prejudicial impacts on revenue. Case-Laws Income Tax Tue, 05 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420674