https://www.taxtmi.com/caselaws?id=426613 The Tribunal allowed the Assessee's appeal, setting aside the Revisional Authority's order under section 263 of the Income Tax Act. The Tribunal emphasized that the Revisional Authority lacked jurisdiction to intervene while the matter was pending before the CIT(A). The Tribunal directed a fresh consideration by the CIT(A) on issues regarding the nature of the land, applicability of section 50C, and eligibility for exemption under section 54F. The decision highlights the importance of adhering to jurisdictional boundaries outlined in the Income Tax Act. en-us Wed, 17 Aug 2022 00:00:00 +0530 Sat, 20 Aug 2022 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426613 The Tribunal allowed the Assessee's appeal, setting aside the Revisional Authority's order under section 263 of the Income Tax Act. The Tribunal emphasized that the Revisional Authority lacked jurisdiction to intervene while the matter was pending before the CIT(A). The Tribunal directed a fresh consideration by the CIT(A) on issues regarding the nature of the land, applicability of section 50C, and eligibility for exemption under section 54F. The decision highlights the importance of adhering to jurisdictional boundaries outlined in the Income Tax Act. Case-Laws Income Tax Wed, 17 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426613