Recourse to section 263 justifiable on concluding that AO committed an error in law

Kum Kum Kohli Vs ACIT (Delhi High Court) Delhi High Court held that recourse to provisions of section 263 of the Income Tax Act sustained as prima facie view concludes that AO has committed an error in law. Facts- The petitioner sold shares and earned therefrom LTCG. In the preceding AY i.e., AY 2014-15, the long term capital gain was offered for taxation. In the AY in issue, the petitioner claimed exemption under Section 54F of the Act. The record shows that notices under Section 143(2) and 142(1) were issued and queries were raised, with regard to the deduction claimed under Section 54F of t...