https://www.taxtmi.com/caselaws?id=449712 The ITAT Delhi dismissed the assessee's appeal against the PCIT's revision order u/s 263. The PCIT found the scrutiny assessment erroneous and prejudicial to revenue as the AO failed to consider physical transfer of leasehold property rights registered by sale deed and did not determine undisclosed income from capital gains. The ITAT upheld the revision, noting the assessee was aware of proceedings and that explanation (2) to section 263 applied, as the original order was passed without proper inquiries that should have been made. en-us Tue, 06 Feb 2024 00:00:00 +0530 Sat, 17 Feb 2024 10:08:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449712 The ITAT Delhi dismissed the assessee's appeal against the PCIT's revision order u/s 263. The PCIT found the scrutiny assessment erroneous and prejudicial to revenue as the AO failed to consider physical transfer of leasehold property rights registered by sale deed and did not determine undisclosed income from capital gains. The ITAT upheld the revision, noting the assessee was aware of proceedings and that explanation (2) to section 263 applied, as the original order was passed without proper inquiries that should have been made. Case-Laws Income Tax Tue, 06 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449712