https://www.taxtmi.com/caselaws?id=755563 ITAT Kolkata allowed assessee appeals challenging PCIT's revision orders u/s 263 regarding escaped long-term capital gain computation. PCIT sought to enhance s.153A assessment scope to include s.50C valuation provisions for stamp duty-based consideration. ITAT held that since assessees disclosed capital asset transfers in regular returns and no incriminating material was found during search, the issue fell outside s.153A ambit. Following SC precedent in Abhisar Buildwell, ITAT ruled that regular assessment matters achieving finality cannot be reopened through search assessments without new discoveries from seized material. PCIT's revision orders were unsustainable. en-us Thu, 11 Jul 2024 00:00:00 +0530 Mon, 16 Dec 2024 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755563 ITAT Kolkata allowed assessee appeals challenging PCIT's revision orders u/s 263 regarding escaped long-term capital gain computation. PCIT sought to enhance s.153A assessment scope to include s.50C valuation provisions for stamp duty-based consideration. ITAT held that since assessees disclosed capital asset transfers in regular returns and no incriminating material was found during search, the issue fell outside s.153A ambit. Following SC precedent in Abhisar Buildwell, ITAT ruled that regular assessment matters achieving finality cannot be reopened through search assessments without new discoveries from seized material. PCIT's revision orders were unsustainable. Case-Laws Income Tax Thu, 11 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755563