https://www.taxtmi.com/caselaws?id=427244 The appeal was filed against the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act, revising the assessment order for Assessment Year 2012-2013. The PCIT exercised revisionary powers due to the Assessing Officer's failure to verify capital gains on property sold by the assessee, leading to the assessment order being set aside for proper inquiry. The Income Tax Appellate Tribunal (ITAT) found in favor of the assessee, deeming the PCIT's revisionary powers unsustainable in revising an assessment order based on issues not part of the reassessment proceedings. en-us Fri, 02 Sep 2022 00:00:00 +0530 Mon, 05 Sep 2022 07:22:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427244 The appeal was filed against the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act, revising the assessment order for Assessment Year 2012-2013. The PCIT exercised revisionary powers due to the Assessing Officer's failure to verify capital gains on property sold by the assessee, leading to the assessment order being set aside for proper inquiry. The Income Tax Appellate Tribunal (ITAT) found in favor of the assessee, deeming the PCIT's revisionary powers unsustainable in revising an assessment order based on issues not part of the reassessment proceedings. Case-Laws Income Tax Fri, 02 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427244