AO not examined cost of improvement on building – Section 263 Order Valid

Rangasamy Rajaram Vs ACIT (ITAT Chennai) The case of Rangasamy Rajaram vs ACIT, heard by the Income Tax Appellate Tribunal (ITAT) Chennai, revolves around the validity of the revisionary jurisdiction invoked under Section 263 of the Income Tax Act, 1961. The Principal Commissioner of Income Tax (Pr. CIT) issued an order directing the Assessing Officer (AO) to reexamine the computation of capital gains, specifically addressing the indexed cost of improvement on the building, as it was allegedly not considered during the assessment proceedings. The appellant challenges this revisionary order. Ba...