https://www.taxtmi.com/caselaws?id=433481 The Tribunal held that the Principal Commissioner of Income Tax exceeded his jurisdiction by invoking revisionary powers under section 263 of the Income Tax Act, 1961 for the Assessment Year 2017-18. The Tribunal emphasized that where two views are possible and the Assessing Officer has taken one view, the Principal Commissioner cannot substitute his view. As such, the Principal Commissioner's order was quashed, and the appeal of the assessee was allowed regarding the treatment of notional rent on unsold vacant flats carried forward as closing stock. en-us Fri, 06 Jan 2023 00:00:00 +0530 Tue, 31 Jan 2023 08:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433481 The Tribunal held that the Principal Commissioner of Income Tax exceeded his jurisdiction by invoking revisionary powers under section 263 of the Income Tax Act, 1961 for the Assessment Year 2017-18. The Tribunal emphasized that where two views are possible and the Assessing Officer has taken one view, the Principal Commissioner cannot substitute his view. As such, the Principal Commissioner's order was quashed, and the appeal of the assessee was allowed regarding the treatment of notional rent on unsold vacant flats carried forward as closing stock. Case-Laws Income Tax Fri, 06 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433481