https://www.taxtmi.com/caselaws?id=435533 The Tribunal set aside the Principal Commissioner of Income Tax's order u/s 263, upholding the Assessing Officer's original assessment. It was determined that the cost of acquisition should include amounts paid to intermediaries with enforceable interests, not just the sale deed value. The Tribunal found that the Assessing Officer had conducted sufficient inquiries and was justified in considering the agreement to sell between the parties to determine the cost of acquisition. Additionally, the Tribunal held that the PCIT's expanded inquiry into the source of loan repayment went beyond the initial reasons for reopening the assessment, and the AO's investigations were deemed relevant. en-us Mon, 20 Mar 2023 00:00:00 +0530 Wed, 22 Mar 2023 08:41:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435533 The Tribunal set aside the Principal Commissioner of Income Tax's order u/s 263, upholding the Assessing Officer's original assessment. It was determined that the cost of acquisition should include amounts paid to intermediaries with enforceable interests, not just the sale deed value. The Tribunal found that the Assessing Officer had conducted sufficient inquiries and was justified in considering the agreement to sell between the parties to determine the cost of acquisition. Additionally, the Tribunal held that the PCIT's expanded inquiry into the source of loan repayment went beyond the initial reasons for reopening the assessment, and the AO's investigations were deemed relevant. Case-Laws Income Tax Mon, 20 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435533