https://www.taxtmi.com/caselaws?id=464568 ITAT AHMEDABAD held that the assessment framed u/s 143(3) was not erroneous or prejudicial to revenue under s263 because the AO conducted inquiries (including questions u/s 142(1)) and took a conscious view that long-term capital gain was genuine. The tribunal found the AO's investigation was not merely inadequate and that the AO adopted one of the possible views in computing the gain; consequently the revision was disallowed and the assessee's appeal was allowed. en-us Wed, 10 Apr 2024 00:00:00 +0530 Tue, 04 Nov 2025 20:06:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464568 ITAT AHMEDABAD held that the assessment framed u/s 143(3) was not erroneous or prejudicial to revenue under s263 because the AO conducted inquiries (including questions u/s 142(1)) and took a conscious view that long-term capital gain was genuine. The tribunal found the AO's investigation was not merely inadequate and that the AO adopted one of the possible views in computing the gain; consequently the revision was disallowed and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 10 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464568