https://www.taxtmi.com/caselaws?id=421074 The Appellate Tribunal ITAT Ahmedabad upheld the Principal Commissioner of Income Tax's order under Section 263 for the assessment year 2010-11, reopening the assessment under Section 147 due to discrepancies in availing exemption u/s. 54B against capital gain income from the sale of an immovable property. The Tribunal found the lack of evidence regarding compliance with Section 54B requirements, directing the Assessing Officer to conduct proper inquiries and frame a fresh assessment, ultimately confirming the PCIT's decision and dismissing the appeal. en-us Wed, 13 Apr 2022 00:00:00 +0530 Sat, 16 Apr 2022 08:13:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421074 The Appellate Tribunal ITAT Ahmedabad upheld the Principal Commissioner of Income Tax's order under Section 263 for the assessment year 2010-11, reopening the assessment under Section 147 due to discrepancies in availing exemption u/s. 54B against capital gain income from the sale of an immovable property. The Tribunal found the lack of evidence regarding compliance with Section 54B requirements, directing the Assessing Officer to conduct proper inquiries and frame a fresh assessment, ultimately confirming the PCIT's decision and dismissing the appeal. Case-Laws Income Tax Wed, 13 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421074