https://www.taxtmi.com/caselaws?id=387165 The Tribunal upheld the Principal Commissioner of Income Tax's order under Section 263, finding the Assessing Officer's failure to investigate the deduction under Section 54B. The Tribunal determined that the land's development into a residential colony rendered it ineligible for Section 54B benefits due to the loss of its agricultural character. Consequently, the appeal by the assessee was dismissed, with the decision announced on 29/07/2019. en-us Mon, 29 Jul 2019 00:00:00 +0530 Fri, 18 Oct 2019 07:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387165 The Tribunal upheld the Principal Commissioner of Income Tax's order under Section 263, finding the Assessing Officer's failure to investigate the deduction under Section 54B. The Tribunal determined that the land's development into a residential colony rendered it ineligible for Section 54B benefits due to the loss of its agricultural character. Consequently, the appeal by the assessee was dismissed, with the decision announced on 29/07/2019. Case-Laws Income Tax Mon, 29 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387165