Surplus left after claiming deduction U/s. 54F can be set off against LTCG in succeeding year

S. Baljit Singh Ryait Vs. ITO (ITAT Chandigarh) Invocation of jurisdiction under section 263 by successor commissioner on same issue having already been examined by predecessor Commissioner is invalid. The issue and the error as per the learned Commissioner which had occurred in the order of the assessing officer which required initiation of review proceedings in the present case was that the assessee had wrongly claimed and been allowed deduction under section 54F of the Act from the long-term capital gain earned by it on account of construction of house undertaken by it to the extent of Rs. ...