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/

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