TMI Blog2023 (4) TMI 890X X X X Extracts X X X X X X X X Extracts X X X X ..... section 54B of the Act was not available to the assessee, even if the alternate contention of the assessee that the land was sold on 02-08-2010, were to be accepted. The order of the Principal CIT, we are of the considered view that there is no infirmity in the order passed by the Principal CIT in the instant facts. Even if the alternate contention of the assessee were to be accepted, then also, we observe that in the instant facts the AO has not examined the claim of the assessee for exemption u/s 54B of the Act from correct perspective. No infirmity in the order of the Principal CIT in holding that the assessing officer has not carried out proper examination of the facts of the case and has not carried out the necessary verificati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the land converted into stock in trade could not have been agricultural. 5. The Id. CIT erred on facts as also in law in directing the AO to make a fresh assessment without either establishing the specific errors or prejudicial finding from the assessment order under review. The order passed u/s 263 of the Act, without discussing and establishing two basic conditions as to erroneous and prejudicial to the interest of revenue is totally unjustified on facts as also in law and deserves to be quashed, may kindly be cancelled. 6. Your Honor's appellant craves leave to add, amend, alter, or withdraw any or more grounds of appeal on or before the hearing of appeal. 3. The brief facts of the case are that PCIT, on examinati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat case exemption under section 54B was not allowable to the assessee in respect of property at survey number 32 of village Kanagshiali (which was purchased by the assessee on 30-01-2010) for consideration of ₹ 21,04,400/- and also in respect of property at survey number 74 of village Kanagshiali (which was purchased by the assessee on 17-07-2010) for a consideration of ₹ 34,45,000/-. This was for the reason that both the above properties were purchased by the assessee prior to the date of sale of land on 02-08-2010 , and section 54B of the Act requires that the assessee should have purchased the new land after the date of transfer of such agricultural property . Therefore, even in this case as well, the complete benefit of s ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
