Section 263 cannot be Invoked for Difference of Opinion on Section 54F Exemption & Indexed Cost

Jasmine Bhaskar Shah Vs PCIT (ITAT Mumbai) An order u/s 263 was passed by CIT on grounds that exemption u/s 54F was not admissible as assessee owned more than one residential property as on the date of transfer & in the said order it was also stated that holding period of previous owner was not to be considered for indexation benefit on shares received as gifts. Date Event 12/02/2016 Husband acquires shares 27/02/2020 Assessee receives above shares as gift from husband. Assesee gifts house to daughter in law 13/03/2020 Assessee sells the shares and claims indexation from 12/02/201...