Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
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The ITAT quashed the order passed by the Principal Commissioner of Income Tax (PCIT) u/s 263 of the Income Tax Act. The assessee was eligible for deduction u/s 54EC as the land was used for agricultural purposes in the preceding two years before its sale, as evident from the 7/12 extracts. The ITAT held that the Assessing Officer's conclusion accepting the assessee's claim was reasonable and not erroneous, and the PCIT failed to establish that the order was prejudicial to the Revenue's interests. The reference to the Valuation Officer was not mandatory, and the PCIT lacked authority to direct such a reference. The ITAT ruled in favor of the assessee, allowing the grounds raised.
The ITAT quashed the order passed by the Principal Commissioner of Income Tax (PCIT) u/s 263 of the Income Tax Act. The assessee was eligible for deduction u/s 54EC as the land was used for agricultural purposes in the preceding two years before its sale, as evident from the 7/12 extracts. The ITAT held that the Assessing Officer's conclusion accepting the assessee's claim was reasonable and not erroneous, and the PCIT failed to establish that the order was prejudicial to the Revenue's interests. The reference to the Valuation Officer was not mandatory, and the PCIT lacked authority to direct such a reference. The ITAT ruled in favor of the assessee, allowing the grounds raised.
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