AO’s Acceptance of Section 54 Exemption on Flat Fixtures Was a Plausible View – Section 263 Revision Invalid

Smt. Padmaja Gavini Vs ITO (ITAT Hyderabad)

The appeal before the Income Tax Appellate Tribunal (ITAT) Hyderabad concerned the assessment of Smt. Padmaja Gavini for the Assessment Year (A.Y.) 2009–10, arising from the revisional order passed by the Commissioner of Income Tax (CIT)-II, Hyderabad under Section 263 of the Income Tax Act, 1961. The CIT held that the assessment order passed by the Assessing Officer (AO) was erroneous and prejudicial to the interests of the Revenue and directed the AO to re-do the assessment.

The assessee, an individual, had filed her return of

Please become a Premium member. If you are already a Premium member, login here to access the full content.