https://www.taxtmi.com/caselaws?id=398293 The ITAT allowed the assessee's appeal, setting aside the Pr.CIT's order under Section 263. The Tribunal concluded that the AO's decision not to apply Section 50C was justified, as the sale consideration exceeded the DLC rate. The land was confirmed as agricultural, exempting it from being a capital asset. The AO's limited scrutiny scope restricted examination of capital gains computation. The pending appeal before CIT(A) rendered the initiation of Section 263 proceedings by Pr.CIT unwarranted. en-us Wed, 09 Sep 2020 00:00:00 +0530 Fri, 08 Nov 2024 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398293 The ITAT allowed the assessee's appeal, setting aside the Pr.CIT's order under Section 263. The Tribunal concluded that the AO's decision not to apply Section 50C was justified, as the sale consideration exceeded the DLC rate. The land was confirmed as agricultural, exempting it from being a capital asset. The AO's limited scrutiny scope restricted examination of capital gains computation. The pending appeal before CIT(A) rendered the initiation of Section 263 proceedings by Pr.CIT unwarranted. Case-Laws Income Tax Wed, 09 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398293