https://www.taxtmi.com/caselaws?id=433068 The Tribunal allowed the Assessee's appeal, holding that the reassessment order was not erroneous or prejudicial to Revenue. The Tribunal found that the Assessing Officer's decision was justified as the sale deed cancellation was a valid reason, making the application of Section 56(2)(vii)(b) unwarranted. The Principal Commissioner's revision order was deemed unjustified and quashed based on the legal principles outlined in the Supreme Court ruling. en-us Fri, 05 Aug 2022 00:00:00 +0530 Fri, 20 Jan 2023 08:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433068 The Tribunal allowed the Assessee's appeal, holding that the reassessment order was not erroneous or prejudicial to Revenue. The Tribunal found that the Assessing Officer's decision was justified as the sale deed cancellation was a valid reason, making the application of Section 56(2)(vii)(b) unwarranted. The Principal Commissioner's revision order was deemed unjustified and quashed based on the legal principles outlined in the Supreme Court ruling. Case-Laws Income Tax Fri, 05 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433068