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2023 (4) TMI 732 - ITAT KOLKATAEntitled for deduction u/s 54B - Correct head of income - consideration received on account of sale of property - business income or capital gains income - CIT(A) allowed the claim of the assessee and held that the income from the sale of the property is to be treated as long-term capital gains and further allowed the cost of improvement, indexation and also allowed the deduction u/s 54B - HELD THAT:- The case of the assessee was selected for limited scrutiny to examine the claim of deduction/exemption out of capital gains earned by the assessee. There was not any mandate to the AO to examine the issue relating to the nature of the income earned by the assessee as to whether the same was treated as business income or capital gains and there is no allegation of the AO that the assessee is otherwise not entitled for deduction u/s 54B - No merit in the appeal of the Revenue.
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