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2023 (4) TMI 1114 - HC - Income TaxRevision u/s 263 - Admissibility of deduction u/s 54B - whether the twin test which are required to be fulfilled for invoking the power under Section 263 of the Act stands attracted? - HELD THAT:- Tribunal has found that the very basis on which the PCIT had invoked its power under Section 263 of the Act was absent. Tribunal took note of the term “record” occurring in explanation (1)(b) of the Section 263 of the Act and held that the “record” shall include all documentary evidences which were submitted before the assessing officer and also those submitted before the PCIT in response to the show-cause notice issued u/s 263. PCIT is required to examine all documentary evidences including those which were before the assessing officer and submitted before him. On fact the Tribunal found that the assessee in the return of income as well as the computation of income did not make any claim for exemption u/s 54B - Tribunal found that PCIT did not record any satisfaction based on correct and verifiable set of facts relating to the claim of deduction found u/s 54B and reflect of agricultural income in the return to fulfil the mandatory requirement of Section 54B for the land put to agricultural use. Therefore, the learned Tribunal came to the conclusion that exercise of the jurisdiction under Section 263 of the Act is totally erroneous - No substantial questions of law
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