https://www.taxtmi.com/caselaws?id=443395 The Tribunal upheld the Principal Commissioner of Income Tax's decision to reframe the assessment order under section 143(3), finding the Assessee's claim regarding the cost of acquisition erroneous. Additionally, the Tribunal affirmed the validity of the order under Section 263, stating it was necessary to rectify the erroneous Assessment Order prejudicial to revenue. Despite the Assessee's argument that the section 263 order was unnecessary due to a prior assessment order, the Tribunal held that the correction was essential. The Tribunal dismissed the Assessee's appeal, including the general ground seeking leave to alter appeal grounds. en-us Thu, 20 Apr 2023 00:00:00 +0530 Thu, 21 Sep 2023 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443395 The Tribunal upheld the Principal Commissioner of Income Tax's decision to reframe the assessment order under section 143(3), finding the Assessee's claim regarding the cost of acquisition erroneous. Additionally, the Tribunal affirmed the validity of the order under Section 263, stating it was necessary to rectify the erroneous Assessment Order prejudicial to revenue. Despite the Assessee's argument that the section 263 order was unnecessary due to a prior assessment order, the Tribunal held that the correction was essential. The Tribunal dismissed the Assessee's appeal, including the general ground seeking leave to alter appeal grounds. Case-Laws Income Tax Thu, 20 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443395