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2020 (11) TMI 470 - AT - Income TaxRevision u/s 263 - exemption u/s 54B - Investment in / purchase of agriculture land in the name of son - as per CIT AO passing of the order without making requisite enquiry/investigation in respect of deduction u/s 54B - HELD THAT:- It is settled position of law that the provisions of section 263 of the Act can be invoked when twin conditions i.e. the assessment order is erroneous and prejudicial to the interest of Revenue are satisfied. In the present case under the identical facts in BALMUKUND MEENA [2017 (2) TMI 1103 - MADHYA PRADESH HIGH COURT] has ruled in favour of the assessee regarding availability of deduction u/s 54B of the Act where the investment in new asset is made in the name of son of the assessee. The revenue has not brought to our notice any contrary judgment by the Hon'ble jurisdictional High Court or Hon'ble Supreme Court as a binding precedence. Therefore, under these facts, it cannot be construed that the order passed by the assessing officer is prejudicial to the interest of the revenue. As the assessment order is in accordance with the ratio laid down by the Hon'ble jurisdictional High Court, thus, we are of the considered view that in the light of the judgment of the Hon'ble jurisdictional High Court, Ld. Pr. CIT was not justified in invoking the provision of section 263 - Decided in favour of assessee.
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