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2023 (2) TMI 162 - AT - Income TaxRevision u/s 263 - whether the assessee is entitled to deduction u/s. 54B - HELD THAT:- Since the provisions of section 54B are almost identical and are in pari materia to the provisions of section 54 and 54F of the Act, therefore, SEEMA SABHARWAL VERSUS THE ITO, WARD-4, PANCHKULA [2018 (2) TMI 863 - ITAT CHANDIGARH] case can be safely applied in this case also in relation to the issue of purchase of agricultural land within the stipulated period. Moreover, the facts of the present case are on better footing as otherwise, in this case, the assessee had deposited the proceeds of the sale deed in the capital gains account, though, a little bit belatedly as per the observation of the Ld. CIT(A), whereas, the assessee had claimed that he had deposited the sale deed proceeds within due date. Thus since the assessee had purchased the agricultural land within the stipulated period and also produced the evidence of the same at the time of assessment proceedings and further there was no doubt about the intention of the assessee from very beginning to invest the said amount for purchase of agricultural land, therefore, the view of the Ld. PCIT is not correct in exercising her revision jurisdiction u/s.263 of the Act on this issue. Claim of Depreciation on buses: Exercise of revision Jurisdiction by the PCIT - HELD THAT:- Assessee owned 7 buses and claimed depreciation upon those buses. However, no details regarding acquisition of the said 7 buses were furnished by the assessee before the AO, nor were called for by the AO. AO allowed the claim of depreciation without verifying the value of the buses and their date of acquisition. AR on the other hand has stressed that the issue was examined by the AO. After considering the rival submissions, we are of the view that the Ld. PCIT has rightly directed the AO to examine this factual aspect. The order of the PCIT, therefore, on this issue is upheld and the AO is directed to verify the depreciation claim on buses. Claim of deduction u/s. 54F - rectification order passed by the AO u/s. 154 of the Act stating that the assessee had furnished additional evidence before the Ld. CIT(A) in respect of the aforesaid claim which the Ld. CIT(A) has refused to admit - HELD THAT:- After considering the rival submissions, we restore this issue to the file of the Assessing Officer with a direction to admit the evidence/documents relating to the above claim, examine the said documents and explanations furnished by the assessee and decide the issue a fresh in accordance with the law. Grant of lesser claim u/s. 54B - HELD THAT:- Assessee has brought to our attention to the ground against the order of the CIT(A) in relation to the rectification order passed u/s. 154 of the Act to submit that the AO has again given lesser relief u/s. 54B of the Act at Rs. 80 lacs only, whereas, the claim of the assessee was of Rs. 95,90,000/-. This issue, in our view, is also required to be examined by the assessing officer. So, this issue is restored to the file of the assessing officer for the limited purpose with the direction that the AO will examine the quantum of claim allowable to the assessee u/s. 54B.
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