Assessing Officer allowed exemption claimed by assessee under section 54B after considering submissions of assessee with respect to details of sale of property being agricultural land, etc.-Principal Commissioner invoked revisionary proceedings on ground that assessee claimed exemption under section 54B, however, Assessing Officer had not verified whether assessee was using said land for agricultural purposes for two years immediately preceding date of transfer as required under section 54B and further, no agricultural income was accounted for in its return for preceding assessment year, order was erroneous and prejudicial to interests of revenue. On appeal the Tribunal held that in case of one of other co-owners in instant case, since Assessing Officer had made detailed enquiry before passing assessment order and had also applied his mind while granting exemption under section 54B, his order could not be termed as erroneous and prejudicial to interests of revenue and, hence, order passed by Principal Commissioner is  quashed. The Tribunal also held that where Department had accepted claim of exemption under section 54B in case of one co-owner, then in that situation other co-owners of same land should not be disallowed. Revision order is quashed. (AY. 2017-18)