Assessee sold two sites to two different persons and purchased a residential house. Assessee\u00a0 claimed exemption under section 54F.\u00a0 Assessing Officer allowed.-Subsequently, Principal Commissioner invoked revision under section 263 on ground that assessee owned two residential properties during year and had also offered property income from same,\u00a0 he passed an order under section 263 directing Assessing Officer to examine eligibility of assessee for claiming exemption under section 54F. Assessing Officer, after issuance of notice and on physical verification of residential properties, opined that one property was not residential house but was a small portion of construction which was let out and income from same was offered.\u00a0 He passed an order under section 143(3), read with section 263 holding that assessee was eligible to claim exemption under section 54F\u00a0 of the Act. Thereafter, Principal Commissioner passed an order under section 263 setting aside said assessment order as erroneous and prejudicial to interest of revenue and disallowed exemption under section 54F observing that same was allowed without making inquiries or verification, and without following directions of Commissioner in earlier order under section 263 with regard to issue of exemption. Held that the Assessing\u00a0 Officer had followed all directions given by Principal Commissioner while passing said assessment order under section 143(3) read with section 263, impugned subsequent revision order passed by Principal Commissioner setting aside said order was quashed.\u00a0 (AY. 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Investment in a residential house-Followed direction of Commissioner-Subsequent revision order was quashed. [S. 54F, 143(3)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34099","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8RZ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34099"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34099\/revisions"}],"predecessor-version":[{"id":34100,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34099\/revisions\/34100"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}