https://www.taxtmi.com/caselaws?id=61472 The Tribunal held that the Commissioner of Income Tax (CIT) was not justified in setting aside the Assessing Officer's (AO) assessment orders under Section 263 of the IT Act. The AO had conducted thorough verification and inquiries before accepting the long-term capital gains and granting exemptions under Section 54F. The Tribunal found that the CIT's order was based on assumptions without concrete evidence of error or prejudice to the Revenue. The Tribunal ruled in favor of the assessees, setting aside the CIT's order and allowing their appeals. en-us Mon, 25 Apr 2005 00:00:00 +0530 Mon, 13 Jul 2026 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61472 The Tribunal held that the Commissioner of Income Tax (CIT) was not justified in setting aside the Assessing Officer's (AO) assessment orders under Section 263 of the IT Act. The AO had conducted thorough verification and inquiries before accepting the long-term capital gains and granting exemptions under Section 54F. The Tribunal found that the CIT's order was based on assumptions without concrete evidence of error or prejudice to the Revenue. The Tribunal ruled in favor of the assessees, setting aside the CIT's order and allowing their appeals. Case-Laws Income Tax Mon, 25 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61472