Himasagar Krishna Muthappagari v. ITO (2025) 212 ITD 292 (Hyd)(Trib.)

S. 263 : Revision-Capital gains-Exemption u/s 54F-Failure of AO to verify claim-Revision upheld. [S. 54F, 147]

Assessee claimed exemption u/s 54F on LTCG. AO accepted claim without proper verification. On revision, Pr. CIT noted inconsistency as assessee changed claim of property and lacked registered documents. Tribunal held AO failed in enquiry, order was erroneous and prejudicial, and upheld revision under section 263. (AY. 2016-17)

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