Revision Upheld for Failure to Examine Capital Gains on Urban Land Sale

Ghanshyam Lal Vs PCIT (ITAT Raipur) No Enquiry on Capital Gains – PCIT’s 263 Revision Upheld for Urban Land Sale Falling Within Bilaspur Municipal Limits Raipur ITAT upheld the revisional order u/s 263, holding that AO’s assessment was erroneous & prejudicial to Revenue. Assessee, a farmer, had filed return declaring Rs.1,54,590/- & claimed exempt agricultural income from sale of alleged agricultural land at Bodri , Bilaspur. During scrutiny, AO made addition only for unexplained cash deposit of Rs.16,10,000/- u/s 68 but completely ignored the sale of three properties aggregating...