ITAT Pune Upholds 263 Revision: AO’s Failure to Verify 54F Claim Renders Order Erroneous

Tejashree Atul Patil Vs PCIT (ITAT Pune)

ITAT Pune Upholds 263 Revision—AO’s Failure to Verify 54F Claim Renders Order Erroneous

Assessee, an Individual, did not file ROI for AY 2015-16. During assessment of her husband, it was noticed that assessee had given him ₹1.58 Cr in cash in FY 2014-15. AO reopened assessment u/s 147 & accepted assessee’s explanation that funds came from sale of immovable property. Assessment completed accepting returned income of ₹2.51 lakh.

On review, PCIT found AO had failed to verify conditions of deduction u/s 54F claimed by

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