https://www.taxtmi.com/caselaws?id=765499 ITAT Surat quashed Pr.CIT's revision order under section 263, holding that AO's assessment was not erroneous. The case involved underreported sale consideration under section 50C. The tribunal found AO had taken a legally sustainable view after examining the registered sale agreement dated 27/12/2007 and issuing specific show cause notice which was responded to by assessee. Pr.CIT's revision constituted mere change of opinion, failing to meet section 263's twin conditions. Appeal allowed in favor of assessee. en-us Thu, 30 Jan 2025 00:00:00 +0530 Sat, 01 Feb 2025 08:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765499 ITAT Surat quashed Pr.CIT's revision order under section 263, holding that AO's assessment was not erroneous. The case involved underreported sale consideration under section 50C. The tribunal found AO had taken a legally sustainable view after examining the registered sale agreement dated 27/12/2007 and issuing specific show cause notice which was responded to by assessee. Pr.CIT's revision constituted mere change of opinion, failing to meet section 263's twin conditions. Appeal allowed in favor of assessee. Case-Laws Income Tax Thu, 30 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765499