https://www.taxtmi.com/caselaws?id=425595 The Tribunal condoned the delay in filing the appeal due to the Covid-19 pandemic, quashed the revision proceedings initiated by the PCIT under Section 263, and allowed the appeal. It held that the AO's original assessment, which did not add Rs. 25 lakhs based on valuation differences, was a possible and reasonable view. The Tribunal emphasized the importance of considering legislative amendments and judicial precedents in interpreting tax provisions, concluding that the PCIT's revision was not justified. en-us Fri, 22 Jul 2022 00:00:00 +0530 Wed, 27 Jul 2022 08:41:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425595 The Tribunal condoned the delay in filing the appeal due to the Covid-19 pandemic, quashed the revision proceedings initiated by the PCIT under Section 263, and allowed the appeal. It held that the AO's original assessment, which did not add Rs. 25 lakhs based on valuation differences, was a possible and reasonable view. The Tribunal emphasized the importance of considering legislative amendments and judicial precedents in interpreting tax provisions, concluding that the PCIT's revision was not justified. Case-Laws Income Tax Fri, 22 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425595