https://www.taxtmi.com/caselaws?id=758234 The ITAT Ahmedabad quashed a revision order passed by PCIT under section 263, ruling that the assessment order was neither erroneous nor prejudicial to revenue interest. The assessee successfully demonstrated with proper records that a property sale reflected in Form 26AS pertained to Vaibhav Corporation Pvt. Ltd. and not to the assessee, supported by sale deed and Sub Registrar confirmation. The tribunal held that incorrect calculation of income should be rectified under section 154 rather than through revision proceedings under section 263. The assessee's appeal was allowed. en-us Tue, 03 Sep 2024 00:00:00 +0530 Tue, 10 Sep 2024 08:11:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758234 The ITAT Ahmedabad quashed a revision order passed by PCIT under section 263, ruling that the assessment order was neither erroneous nor prejudicial to revenue interest. The assessee successfully demonstrated with proper records that a property sale reflected in Form 26AS pertained to Vaibhav Corporation Pvt. Ltd. and not to the assessee, supported by sale deed and Sub Registrar confirmation. The tribunal held that incorrect calculation of income should be rectified under section 154 rather than through revision proceedings under section 263. The assessee's appeal was allowed. Case-Laws Income Tax Tue, 03 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758234