https://www.taxtmi.com/caselaws?id=759377 A revisional order under section 263 was unsustainable where it denied section 54F exemption and taxed alleged residential properties as house property without a concrete legal finding that the assets were qualifying residential houses; property shown as stock-in-trade could not be treated as house property for that year on the stated record. The direction to disallow Chapter VI-A deduction also failed because no such deduction had been claimed in the return. As the revision lacked a legally supported finding of error and prejudice, the order was set aside and the assessee succeeded. en-us Tue, 24 Sep 2024 00:00:00 +0530 Mon, 30 Sep 2024 13:45:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759377 A revisional order under section 263 was unsustainable where it denied section 54F exemption and taxed alleged residential properties as house property without a concrete legal finding that the assets were qualifying residential houses; property shown as stock-in-trade could not be treated as house property for that year on the stated record. The direction to disallow Chapter VI-A deduction also failed because no such deduction had been claimed in the return. As the revision lacked a legally supported finding of error and prejudice, the order was set aside and the assessee succeeded. Case-Laws Income Tax Tue, 24 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759377