This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Invocation of section 263 justified as AO allowed deduction u/s 54B without necessary inquiry
Case Law Details
- Case Name
- Shri Ramanbhai Bholidas Patel Vs PCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-2016
- Courts
- All ITAT, ITAT Ahmedabad
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Shri Ramanbhai Bholidas Patel Vs Principal Commissioner of Income Tax-3 (ITAT Ahmedabad)
ITAT Ahmedabad held that invocation of provisions of section 263 of the Income Tax Act justified as AO allowed deduction u/s 54B without necessary inquiry about applicability of the same.
Facts-
On scrutiny of the assessment records by the Ld. PCIT, it is noticed that the assessee has shown Long Term Capital Gain of Rs. 80,21,324/- and Rs. 15,92,194/- on sale of land. On further verification of the sale deed, assessee’s share being 15% in the above property is Rs. 1.05 crores. Subsequently appellant purc...
Author Info
