https://www.taxtmi.com/caselaws?id=380007 The Tribunal upheld the Principal Commissioner's decision under Section 263 of the Income Tax Act, finding the AO's acceptance of the deduction claim under Section 54B erroneous and prejudicial to Revenue. The Tribunal dismissed the assessee's appeal, emphasizing the legislative intent behind Section 54B and the lack of due diligence in verifying the deduction claim. The Principal Commissioner's revisional order was affirmed, with the Tribunal concluding that there was no irregularity in the assumption of jurisdiction. en-us Fri, 26 Apr 2019 00:00:00 +0530 Sat, 11 May 2019 07:27:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380007 The Tribunal upheld the Principal Commissioner's decision under Section 263 of the Income Tax Act, finding the AO's acceptance of the deduction claim under Section 54B erroneous and prejudicial to Revenue. The Tribunal dismissed the assessee's appeal, emphasizing the legislative intent behind Section 54B and the lack of due diligence in verifying the deduction claim. The Principal Commissioner's revisional order was affirmed, with the Tribunal concluding that there was no irregularity in the assumption of jurisdiction. Case-Laws Income Tax Fri, 26 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380007