ITAT Quashes PCIT Revision; Cancelled Land Deal Generates No Taxable Income

Naman Vidyapati Patel Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad allowed the assessee’s appeal, holding that a cancelled land sale MOU and refunded amounts meant no escapement of income. The Tribunal ruled the AO’s original assessment was reasonable, and the PCIT’s Section 263 revision was unsustainable, confirming that cancelled transactions with returned consideration do not create taxable cash income. The Income Tax Appellate Tribunal (ITAT), Ahmedabad, heard an appeal filed by the assessee, Naman Vidyapati Patel, challenging the revisional order passed by the Principal Commissioner of I...