Section 263 order not sustainable if no error in Assessment Order

Sopan Developers Vs PCIT (ITAT Rajkot) Amendment for charging the tax on the notional rent with respect to the properties held as stock in trade was applicable from the assessment year 2018-19 and subsequent assessment year. As such, the amended provision is not applicable for the year under consideration. Thus the question of calculating the rental income with respect to the units of the properties held as stock in trade does not arise. Thus we hold that there was no error in the order of the AO framed under section 143(3) of the Act which is causing prejudice to the interest of revenue. For ...