Assessing Officer passed assessment order after considering submission of assessee with respect to details of sale of property, details of agricultural land and calculation of capital gain including exemption claimed.  Principal Commissioner  revised the order u on  the ground that assessee claimed exemption under section 54B, however, no agricultural income was accounted for in its return for relevant assessment year he held that LTCG claimed on sale of land was to be added back to income of assessee.  Tribunal quashed revisionary proceedings on ground that no claim was made by assessee under section 54B in return of income as well as in computation of income which formed part of documentary evidences submitted before Principal Commissioner. On appeal by the Revenue the court held that  since Principal Commissioner did not record any satisfaction based on correct and verifiable facts, Tribunal was justified in holding that exercise of jurisdiction under section 263 was erroneous. (AY. 2016-17)