Invocation of section 263 justified as AO allowed deduction u/s 54B without necessary inquiry

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...