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2020 (10) TMI 1206 - HC - Income TaxRevision u/s 263 - order of reassessment proceedings cannot be treated as prejudicial to the interest of revenue - HELD THAT:- No question of law arising in the present appeals by the Revenue, as the learned Tribunal has clearly noted in its impugned order quoted above that the above capital gains have already been subjected to tax in the subsequent assessment years AY 1988-1999 to 2000-2001. He submitted that for the present assessment year AY 1997-98, even though the Assessing Authority himself has accepted that there were no transfer of land in the Joint Venture Agreement for development of the property had taken place in this AY 1997-98, still by resorting to Section 263, it cannot be said to be prejudicial to the interests of Revenue, as held by the learned Commissioner, which has been rightly set aside by the learned Tribunal by the impugned order and therefore, no question of law arises.
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