https://www.taxtmi.com/caselaws?id=421077 The Tribunal condoned the delay in filing the appeal due to the Covid-19 lockdown, citing the extension of the limitation period by the Supreme Court. It held that the Principal Commissioner's revision order under Section 263 of the Income Tax Act was not justified as the Assessing Officer had properly examined the long-term capital gain computation. The Tribunal also found that the difference in sale value and guideline value was within permissible limits and that the cost of improvement claims had been adequately considered. Ultimately, the Tribunal quashed the PCIT's order and allowed the appeal, emphasizing the proper scrutiny assessment conducted by the AO. en-us Wed, 13 Apr 2022 00:00:00 +0530 Sat, 16 Apr 2022 08:13:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421077 The Tribunal condoned the delay in filing the appeal due to the Covid-19 lockdown, citing the extension of the limitation period by the Supreme Court. It held that the Principal Commissioner's revision order under Section 263 of the Income Tax Act was not justified as the Assessing Officer had properly examined the long-term capital gain computation. The Tribunal also found that the difference in sale value and guideline value was within permissible limits and that the cost of improvement claims had been adequately considered. Ultimately, the Tribunal quashed the PCIT's order and allowed the appeal, emphasizing the proper scrutiny assessment conducted by the AO. Case-Laws Income Tax Wed, 13 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421077