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Revision u/s 263 - availing exemption u/s. 10(37) on account of compulsory acquisition of agricultural land - The case involved an appeal by the assessee against the order passed by the ld. PCIT under section 263 of the Income Tax Act, 1961. The appellant contended that the assessment order passed by the AO was not erroneous or prejudicial to the interests of revenue. After reviewing the submissions and assessment proceedings, the Tribunal found that the AO had adequately addressed the issues raised by the appellant and had correctly allowed the exemption under section 10(37) of the Act. The ITAT concluded that the invocation of section 263 by the ld. PCIT was unjustified, as there was no evidence of error or prejudice in the assessment order. Therefore, the appeal of the assessee was allowed.
Revision u/s 263 - availing exemption u/s. 10(37) on account of compulsory acquisition of agricultural land - The case involved an appeal by the assessee against the order passed by the ld. PCIT under section 263 of the Income Tax Act, 1961. The appellant contended that the assessment order passed by the AO was not erroneous or prejudicial to the interests of revenue. After reviewing the submissions and assessment proceedings, the Tribunal found that the AO had adequately addressed the issues raised by the appellant and had correctly allowed the exemption under section 10(37) of the Act. The ITAT concluded that the invocation of section 263 by the ld. PCIT was unjustified, as there was no evidence of error or prejudice in the assessment order. Therefore, the appeal of the assessee was allowed.
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