https://www.taxtmi.com/caselaws?id=436548 The Tribunal upheld the Principal Commissioner of Income-Tax's decision to exercise revisionary powers under Section 263 of the Income-tax Act, finding the assessment order erroneous due to the failure to invoke Section 56(2)(vii)(b) regarding property purchase below stamp duty value. The PCIT set aside the assessment order, directing re-examination of the issue. The Tribunal affirmed this decision, dismissing the assessee's appeal and concluding that the PCIT's identification of error causing prejudice to Revenue was reasonable. en-us Wed, 12 Apr 2023 00:00:00 +0530 Sat, 15 Apr 2023 08:52:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436548 The Tribunal upheld the Principal Commissioner of Income-Tax's decision to exercise revisionary powers under Section 263 of the Income-tax Act, finding the assessment order erroneous due to the failure to invoke Section 56(2)(vii)(b) regarding property purchase below stamp duty value. The PCIT set aside the assessment order, directing re-examination of the issue. The Tribunal affirmed this decision, dismissing the assessee's appeal and concluding that the PCIT's identification of error causing prejudice to Revenue was reasonable. Case-Laws Income Tax Wed, 12 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436548