https://www.taxtmi.com/caselaws?id=305418 The Tribunal allowed the appeal filed by the assessee, quashing the order passed under Section 263 of the Income Tax Act for AY 2015-16. The Tribunal found the issue raised by the Principal CIT to be debatable, emphasizing that the AO's decision was a plausible view. It highlighted the lack of specificity in the alleged error prejudicial to Revenue, concluding that the order under Section 263 was not sustainable. The decision favored the assessee, emphasizing the validity of the AO's decision regarding the eligibility of the new construction for exemption under Section 54. en-us Mon, 14 Mar 2022 00:00:00 +0530 Sat, 03 Dec 2022 05:02:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305418 The Tribunal allowed the appeal filed by the assessee, quashing the order passed under Section 263 of the Income Tax Act for AY 2015-16. The Tribunal found the issue raised by the Principal CIT to be debatable, emphasizing that the AO's decision was a plausible view. It highlighted the lack of specificity in the alleged error prejudicial to Revenue, concluding that the order under Section 263 was not sustainable. The decision favored the assessee, emphasizing the validity of the AO's decision regarding the eligibility of the new construction for exemption under Section 54. Case-Laws Income Tax Mon, 14 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305418