Assessing Officer allowed the claim under section 54F of the Act. Commissioner revised the order. On appeal the Tribunal held that since there was a failure on part of Assessing Officer to make necessary enquiry, Commissioner was justified in invoking jurisdiction under section 263 for remanding order for de novo consideration. Tribunal also held that even if deduction claimed in return was under section 54F, claim of assessee should be considered under provision of section 54 if same was meant as one made under section 54 of the Act. (AY. 2013-14)
Lokesh M. v. PCIT (2021) 187 ITD 342 (Bang.)(Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-On the date of transfer more than one residential house-Deduction allowed without verification-Revision order was set aside and directed the AO to pass the order in accordance with law. [S. 54, 54F]