54B Exemption Denied Review: CIT(A) Ordered to Examine Revenue Records and Crop Details Reason

ITO Vs Nitinbhai Kanubhai Patel (ITAT Ahmedabad)

CIT(A) Copied Co-owner’s Case – ITAT Says: Check the Facts First- 54B Exemption Denied? Allowed? ITAT Says: Start Again – Facts Matter

Background:

Assessee, a lawyer with agricultural income, sold agricultural land & claimed Section 54B exemption of ₹2.95 crore on long-term capital gains. Originally, the assessment was completed u/s 143(3) accepting the return. Later, based on information from the case of his co-owner/brother<

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