https://www.taxtmi.com/caselaws?id=423562 The Tribunal allowed the appeal, quashing the revisionary proceedings initiated by the Pr. CIT and restoring the original assessment order. The Tribunal found the initiation of revisionary proceedings based on audit objections without satisfying the conditions precedent to be unjustified. It held that the Pr. CIT's views on the consideration received by the developers, jurisdiction under Section 263, applicability of Section 56(2)(vii), classification of the advance paid, and acceptance of the assessee's explanations were incorrect. The Tribunal concluded that the AO had thoroughly examined the transaction, and the Pr. CIT's actions were not in accordance with the law. en-us Tue, 24 May 2022 00:00:00 +0530 Thu, 09 Jun 2022 08:17:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423562 The Tribunal allowed the appeal, quashing the revisionary proceedings initiated by the Pr. CIT and restoring the original assessment order. The Tribunal found the initiation of revisionary proceedings based on audit objections without satisfying the conditions precedent to be unjustified. It held that the Pr. CIT's views on the consideration received by the developers, jurisdiction under Section 263, applicability of Section 56(2)(vii), classification of the advance paid, and acceptance of the assessee's explanations were incorrect. The Tribunal concluded that the AO had thoroughly examined the transaction, and the Pr. CIT's actions were not in accordance with the law. Case-Laws Income Tax Tue, 24 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423562