https://www.taxtmi.com/caselaws?id=304168 The Tribunal set aside the Commissioner's orders under Section 263 of the Income-tax Act, noting that the Assessing Officer had accepted the assessees' valuation for computing capital gains. The Tribunal found the Commissioner's reliance on the Stamp Valuation Authority's value misplaced, as the assessees had voluntarily paid additional tax based on their valuation. It held that the assessments were not erroneous or prejudicial to revenue interests, emphasizing the Commissioner's overreach in directing reassessment. The Tribunal ruled in favor of the assessees, clarifying the scope of the Commissioner's powers and upholding the Assessing Officer's acceptance of the valuation. en-us Fri, 28 Mar 2014 00:00:00 +0530 Mon, 12 Sep 2022 08:15:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304168 The Tribunal set aside the Commissioner's orders under Section 263 of the Income-tax Act, noting that the Assessing Officer had accepted the assessees' valuation for computing capital gains. The Tribunal found the Commissioner's reliance on the Stamp Valuation Authority's value misplaced, as the assessees had voluntarily paid additional tax based on their valuation. It held that the assessments were not erroneous or prejudicial to revenue interests, emphasizing the Commissioner's overreach in directing reassessment. The Tribunal ruled in favor of the assessees, clarifying the scope of the Commissioner's powers and upholding the Assessing Officer's acceptance of the valuation. Case-Laws Income Tax Fri, 28 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304168