https://www.taxtmi.com/caselaws?id=436269 SC upheld CIT's revision under Section 263 regarding assessee's cost of improvement deduction claim for long-term capital gains. Court found AO's order allowing deduction was erroneous and prejudicial to Revenue's interest, as claimed expenses were neither capital in nature nor resulted in enduring value enhancement. Applying Malabar Industrial Co. precedent, SC determined Commissioner correctly exercised Section 263 jurisdiction. HC's order setting aside CIT's revision was quashed and CIT's order restored. en-us Thu, 06 Apr 2023 00:00:00 +0530 Fri, 30 May 2025 14:43:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436269 SC upheld CIT's revision under Section 263 regarding assessee's cost of improvement deduction claim for long-term capital gains. Court found AO's order allowing deduction was erroneous and prejudicial to Revenue's interest, as claimed expenses were neither capital in nature nor resulted in enduring value enhancement. Applying Malabar Industrial Co. precedent, SC determined Commissioner correctly exercised Section 263 jurisdiction. HC's order setting aside CIT's revision was quashed and CIT's order restored. Case-Laws Income Tax Thu, 06 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436269