https://www.taxtmi.com/caselaws?id=306510 The Tribunal found that the Principal Commissioner of Income Tax's invocation of revision jurisdiction under section 263 was not justified as the Assessing Officer's assessment did not prejudice the Revenue. The Tribunal ruled in favor of the assessees, allowing their eligibility for the section 54EC deduction as their reinvestments fell within six British calendar months from the date of transfer. Consequently, the Tribunal reversed the PCIT's revision action, restored the AO's regular assessment, and allowed the appeals of the nine assessees. en-us Fri, 28 Feb 2020 00:00:00 +0530 Sat, 04 Feb 2023 22:32:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306510 The Tribunal found that the Principal Commissioner of Income Tax's invocation of revision jurisdiction under section 263 was not justified as the Assessing Officer's assessment did not prejudice the Revenue. The Tribunal ruled in favor of the assessees, allowing their eligibility for the section 54EC deduction as their reinvestments fell within six British calendar months from the date of transfer. Consequently, the Tribunal reversed the PCIT's revision action, restored the AO's regular assessment, and allowed the appeals of the nine assessees. Case-Laws Income Tax Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306510