https://www.taxtmi.com/caselaws?id=430863 The Tribunal allowed the appeal against the Principal Commissioner of Income Tax's order under section 263 for the assessment year 2017-18. The PCIT's attempt to tax deemed rent on unsold property held as stock in trade was deemed erroneous and prejudicial to revenue. The Tribunal held that the PCIT exceeded its jurisdiction as the Assessing Officer's order was found to be correct. The appeal was allowed, and the PCIT's order was set aside. en-us Fri, 05 Aug 2022 00:00:00 +0530 Wed, 30 Nov 2022 07:28:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430863 The Tribunal allowed the appeal against the Principal Commissioner of Income Tax's order under section 263 for the assessment year 2017-18. The PCIT's attempt to tax deemed rent on unsold property held as stock in trade was deemed erroneous and prejudicial to revenue. The Tribunal held that the PCIT exceeded its jurisdiction as the Assessing Officer's order was found to be correct. The appeal was allowed, and the PCIT's order was set aside. Case-Laws Income Tax Fri, 05 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430863