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2019 (10) TMI 445 - ITAT DELHIRevision u/s 263 - exemption claimed u/s 54B - AO initiated the reassessment proceedings solely on the reason that assessee and his wife has sold the agricultural land and made reinvestment and claimed exemption under section 54B - HELD THAT:- .” In the present case since reassessment proceedings have been initiated solely on the reason that assessee has availed exemption under section 54B by making investment in the name of his wife and issue was covered in favour of the assessee on the day of filing of the return of income and initiation of reassessment proceedings by Judgment of the Hon’ble jurisdictional High Court in the case of Gurnam Singh [2008 (4) TMI 28 - PUNJAB AND HARYANA HIGH COURT] therefore, if the assessing officer has not mentioned the details in the reassessment order, it would not be fatal to the case of the assessee. The view of the assessing officer was sustainable in Law, therefore, the Ld. Pr. CIT should not have substituted the view of the assessing officer without any just cause. We, therefore, do not find the reassessment order to be erroneous insofar as prejudicial to the interests of revenue. We do not find any justification for Ld. Pr. CIT to invoke the jurisdiction under section 263 of the Income Tax Act on the above reasons. In this view of the matter, we set aside the impugned order under section 263 of the Income-Tax Act and restore the original reassessment order.
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