https://www.taxtmi.com/caselaws?id=432001 The appeal was dismissed as the Income Tax Appellate Tribunal (ITAT) upheld the Principal Commissioner of Income Tax's (PCIT) revision order under Section 263. The ITAT found the Assessing Officer's assessment order to be erroneous and prejudicial to the Revenue's interest due to inadequate inquiry and verification regarding the assessee's eligibility for deduction under Section 54F. The ITAT emphasized the importance of a thorough inquiry and strict interpretation of exemption provisions. en-us Wed, 21 Dec 2022 00:00:00 +0530 Mon, 26 Dec 2022 09:09:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432001 The appeal was dismissed as the Income Tax Appellate Tribunal (ITAT) upheld the Principal Commissioner of Income Tax's (PCIT) revision order under Section 263. The ITAT found the Assessing Officer's assessment order to be erroneous and prejudicial to the Revenue's interest due to inadequate inquiry and verification regarding the assessee's eligibility for deduction under Section 54F. The ITAT emphasized the importance of a thorough inquiry and strict interpretation of exemption provisions. Case-Laws Income Tax Wed, 21 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432001