https://www.taxtmi.com/caselaws?id=434924 The Tribunal set aside the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263, citing errors in facts and lack of proper application of mind. The original assessment order under section 143(3) was upheld as not erroneous or prejudicial to Revenue. The Tribunal found that the difference in property valuation should not be treated as income from other sources due to a legal dispute over the property's title. The Tribunal criticized the PCIT for insufficient reasons and lack of diligence. The appeal by the assessee was allowed. en-us Mon, 06 Feb 2023 00:00:00 +0530 Tue, 07 Mar 2023 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434924 The Tribunal set aside the order passed by the Principal Commissioner of Income Tax (PCIT) under section 263, citing errors in facts and lack of proper application of mind. The original assessment order under section 143(3) was upheld as not erroneous or prejudicial to Revenue. The Tribunal found that the difference in property valuation should not be treated as income from other sources due to a legal dispute over the property's title. The Tribunal criticized the PCIT for insufficient reasons and lack of diligence. The appeal by the assessee was allowed. Case-Laws Income Tax Mon, 06 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434924