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2023 (12) TMI 878 - ITAT RAJKOTRevision u/s 263 - assessee had transferred capital asset which is an agriculture land which resulted in capital gain within the scope of section 45(3) - in respect of capital gain revealed that capital asset was held by the assessee for less than two years and deduction claimed u/s 54B was therefore incorrectly claimed by the assessee - As per CIT AO while framing the assessment order u/s 143(3) of the Act has not looked into this issue, which is erroneous and prejudicial to the interest of the Revenue - HELD THAT:- The assessee herein is one of the co-owners of the land. Even in this case, the assessee and the legal heir failed to produce any material evidence in support of the grounds raised in the appeal. In the absence of the same, we do not find any infirmity in the order passed by the Ld. PCIT, that the assessment order passed by the Assessing Officer is an erroneous order and prejudicial to the interest of Revenue, which is correctly revised by invoking power u/s. 263 of the Act. Thus the grounds raised by the assessee are devoid of merits and the same are hereby rejected.
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