TMI BlogRevision u/s 263 by CIT - justification for claim of deduction u/s. 54B - Section 54B of the Act is not...Revision u/s 263 by CIT - justification for claim of deduction u/s. 54B - Section 54B of the Act is not applicable, if the land was not used for agricultural purposes in the two years preceding the date of transfer. Thus without applications of the provisions of law, the assessing officer has granted the relief to the assessee which otherwise the assessee is not eligible for the claim of deduction u/s. 54B of the Act. - Revision order sustained - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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