https://www.taxtmi.com/caselaws?id=427652 The tribunal set aside the Commissioner's order in favor of the assessee, dismissing the Revenue's appeal. It was held that the Commissioner's initiation of proceedings under Section 263 of the Income Tax Act based on audit objections was not valid. The tribunal emphasized that interest-free deposits should not be considered for Annual Letting Value (ALV) calculation and cited precedents supporting this position. The decision focused on the supervisory nature of Section 263(1) and the specific conditions required for its exercise, ultimately concluding that the Commissioner's revisionary powers were not justified in this case. en-us Fri, 26 Aug 2022 00:00:00 +0530 Wed, 14 Sep 2022 08:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427652 The tribunal set aside the Commissioner's order in favor of the assessee, dismissing the Revenue's appeal. It was held that the Commissioner's initiation of proceedings under Section 263 of the Income Tax Act based on audit objections was not valid. The tribunal emphasized that interest-free deposits should not be considered for Annual Letting Value (ALV) calculation and cited precedents supporting this position. The decision focused on the supervisory nature of Section 263(1) and the specific conditions required for its exercise, ultimately concluding that the Commissioner's revisionary powers were not justified in this case. Case-Laws Income Tax Fri, 26 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427652