No Section 263 Revision If Assessment Orders neither Erroneous nor Prejudicial To Revenue Interest

Kamal Kishore Mukati Vs PCIT (ITAT Indore) The facts in brief are that the assessee entered into an agreement in March 2006 for sale of agricultural land used for agricultural purpose. He received sale consideration in parts through banking channels. Sale deed was finally registered between March 2006 and April 2008. Before registering the sale deed assessee purchased other agricultural land from the sale consideration so received and claimed it as deduction u/s 54B of the Act against the capital gain earned from transferring of the capital asset being land used for agricultural purpose in two...