Tribunal held that the Assessing Officer had made an enquiry and the assessee had produced the necessary documents to substantiate the assessee’s claim of the cost of improvement of the property. The Assessing Officer has accepted the computation of capital gains as made by the assessee after considering the bank statements and the valuer’s report submitted by the assessee. The AO’s order was neither erroneous nor prejudicial to the interests of the Revenue for want of adequate enquiry, and therefore, the revisionary order is not sustainable (AY. 2019-20)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263: Commissioner-Revision of orders prejudicial to revenue-Lack of proper enquiry-Cost of improvement]-Allowed the claim after verification-AO\u2019s order was neither erroneous nor prejudicial to the interests of Revenue-Revision order was quashed. [S. 45, 55(1)(b)(2)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-61917","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-g6F","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=61917"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61917\/revisions"}],"predecessor-version":[{"id":61918,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/61917\/revisions\/61918"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=61917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=61917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=61917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}