https://www.taxtmi.com/caselaws?id=391111 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263 due to the Assessing Officer's failure to inquire into the deduction claimed under Section 54B. It agreed that the land sold was not used for agricultural purposes, thus denying the deduction. The issue of capital gains deposit was remitted for further verification. The Tribunal directed the Assessing Officer to delete the disallowed brokerage expenses. Overall, the appeal was dismissed regarding jurisdiction and deduction eligibility but partly allowed concerning brokerage disallowance. en-us Fri, 17 Jan 2020 00:00:00 +0530 Mon, 20 Jan 2020 09:00:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391111 The Tribunal upheld the Principal Commissioner of Income Tax's jurisdiction under Section 263 due to the Assessing Officer's failure to inquire into the deduction claimed under Section 54B. It agreed that the land sold was not used for agricultural purposes, thus denying the deduction. The issue of capital gains deposit was remitted for further verification. The Tribunal directed the Assessing Officer to delete the disallowed brokerage expenses. Overall, the appeal was dismissed regarding jurisdiction and deduction eligibility but partly allowed concerning brokerage disallowance. Case-Laws Income Tax Fri, 17 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391111