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ITAT allows the assessee's appeal and quashes the PCIT's revisional order, holding that the revisional jurisdiction was improperly invoked where the AO adopted a plausible view on taxability of interest under s.28 of the Land Acquisition Act and the issue remained debatable. The Tribunal finds the order under challenge prompted solely by an audit objection and therefore unsustainable. On the question of capital gains, ITAT holds the land qualifies as a capital asset within s.2(14) for the relevant year; the Finance Act amendment is not retrospective, and the Revenue's reliance on an alternate aerial distance measurement is rejected. Consequently, the impugned addition is deleted and the PCIT order set aside.
ITAT allows the assessee's appeal and quashes the PCIT's revisional order, holding that the revisional jurisdiction was improperly invoked where the AO adopted a plausible view on taxability of interest under s.28 of the Land Acquisition Act and the issue remained debatable. The Tribunal finds the order under challenge prompted solely by an audit objection and therefore unsustainable. On the question of capital gains, ITAT holds the land qualifies as a capital asset within s.2(14) for the relevant year; the Finance Act amendment is not retrospective, and the Revenue's reliance on an alternate aerial distance measurement is rejected. Consequently, the impugned addition is deleted and the PCIT order set aside.
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