The assessee sold agricultural land and claimed exemption in respect of long term capital gains. After considering the submission the exemption was allowed . The AO also initiated proceedings u/s 154 of the Act and dropped the proceedings . PCIT revised the order u/s 263 of the Act . On appeal the ITAT set aside the revision order of the PCIT . ( ITA 44/ LKW/ 2021 dt . 17 -5 -2022 )( AY. 2015 -16)
Ishwar Dewlling Pvt Ltd v .PCIT ( 2022) The Chamber’s Journal -July – P. 124 ( Lucknow ) ( Trib)
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Capital gains – Agricultural land – Issue scrutinized in the assessment proceedings and under rectification proceedings – revision is bad in law [ S. 45 , 154 ]