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2023 (10) TMI 1230 - ITAT HYDERABADRevision u/s 263 - PCIT observed that the assessee in the instant case has not fulfilled the conditions prescribed u/s 54F - HELD THAT:- We do not find any force in the argument of assessee. It is seen from the letter addressed by the assessee to the AO in response to the notice u/s 143(2) that the assessee has categorically stated that she has sold all the flats. When the assessee has not held the flats for a minimum period of 3 years, the provisions of section 54F are not fulfilled and therefore, by allowing the claim of deduction u/s 54F, the order of the Assessing Officer has become erroneous as well as prejudicial to the interest of the Revenue. Order of the Assessing Officer is also very cryptic and the reasons for which the case was selected for scrutiny have not been addressed at all. The order passed by the AO u/s 143(3) in our opinion, has become erroneous as well as prejudicial to the interest of the Revenue. We therefore, do not find any infirmity in the order of the learned PCIT invoking the jurisdiction u/s 263 - Decided against assessee.
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