Section 263 cannot be Invoked for Difference of Opinion on Section 54F Exemption & Indexed Cost

Jasmine Bhaskar Shah Vs PCIT (ITAT Mumbai)

An order u/s 263 was passed by CIT on grounds that exemption u/s 54F was not admissible as assessee owned more than one residential property as on the date of transfer & in the said order it was also stated that holding period of previous owner was not to be considered for indexation benefit on shares received as gifts.

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Author Bio

Name: CA Vijayakumar Shetty

Qualification: CA in Practice

Company: Shetty & Co, Chartered Accountants, Mangalore

Location: Mangalore, Karnataka, India

Member Since: 17 Feb 2018 | Total Posts: 119

CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

My Published Posts

Tax Penalty Deleted Due to Consultant Fraud & Voluntary Payment: ITAT Backs Unaware Assessee ITAT Allows TDS Credit on Exempt Land Sale despite non-disclosure in ITR ITAT Chennai Upholds deletion of Additions For Undisclosed Profits, Excess Expenses & Stock Valuation ITAT Bangalore Upholds TDS Claim by Single Heir on Joint Property Sale Non-Enquiry by AO on Property Purchase Justifies Section 263 Revision: Hyderabad ITAT View More Published Posts

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