Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (3) TMI 514 - ITAT PATNARevision u/s 263 - as per CIT AO without making enquiries and verification reached the finding that the appellant fulfills the condition for availing exemption u/s. 10(37) on account of compulsory acquisition of agricultural land - HELD THAT:- The assessment proceeding is completed by verification capital gain earned by the assessee on alleged sale of land as an exempt income u/s 10(37) - The assessee had provided details during proceeding. In the present case specific issue relating to exemption of capital gain earned by the assessee claiming exemption u/s 10(37) of the Act allowed by the AO. However, mere change of opinion of ld. PCIT in respect of issue cannot be reason to invoke revisionary powers under section 263. As decided in Reliance Payment Solutions Ltd [2022 (4) TMI 160 - ITAT MUMBAI] fact remains that the specific issue raised, in the revision order was specifically looked into, detailed submissions were made and these submissions were duly accepted by the Assessing Officer. Merely because the Assessing Officer did not write specific reasons for accepting the explanation of the assessee cannot be reason enough to invoke powers under section 263, and non-mentioning of these reasons do not render the assessment order "erroneous and prejudicial to the interest of the revenue - Appeal of the assessee is allowed.
|