https://www.taxtmi.com/caselaws?id=313352 ITAT Surat held that PCIT's revision u/s 263 was invalid as AO's assessment order was not erroneous or prejudicial to revenue. The case involved capital gains computation where AO reopened assessment based on sub-registrar information regarding land sale, referred matter to DVO for valuation u/s 55A, and accepted assessee's explanation with supporting evidence. ITAT ruled that AO conducted proper investigation and took reasonable, legally sustainable view. Revision cannot be made on mere change of opinion, and revenue loss alone doesn't make order prejudicial unless AO's view is legally unsustainable. Assessee's appeal allowed. en-us Wed, 09 Nov 2022 00:00:00 +0530 Tue, 09 Apr 2024 11:35:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313352 ITAT Surat held that PCIT's revision u/s 263 was invalid as AO's assessment order was not erroneous or prejudicial to revenue. The case involved capital gains computation where AO reopened assessment based on sub-registrar information regarding land sale, referred matter to DVO for valuation u/s 55A, and accepted assessee's explanation with supporting evidence. ITAT ruled that AO conducted proper investigation and took reasonable, legally sustainable view. Revision cannot be made on mere change of opinion, and revenue loss alone doesn't make order prejudicial unless AO's view is legally unsustainable. Assessee's appeal allowed. Case-Laws Income Tax Wed, 09 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313352