https://www.taxtmi.com/caselaws?id=436864 The ITAT dismissed the assessee's appeal, upholding the PCIT's order under section 263 of the Income Tax Act, 1961. The ITAT concurred with the PCIT's findings that the assessing officer had failed to properly examine the claim for exemption under section 54B, leading to an erroneous assessment order. Despite the assessee's contentions regarding the date of transfer of the agricultural land, the ITAT affirmed the decision that the deduction under section 54B was not applicable due to timing issues with the purchase of new properties. en-us Wed, 19 Apr 2023 00:00:00 +0530 Sat, 22 Apr 2023 08:03:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436864 The ITAT dismissed the assessee's appeal, upholding the PCIT's order under section 263 of the Income Tax Act, 1961. The ITAT concurred with the PCIT's findings that the assessing officer had failed to properly examine the claim for exemption under section 54B, leading to an erroneous assessment order. Despite the assessee's contentions regarding the date of transfer of the agricultural land, the ITAT affirmed the decision that the deduction under section 54B was not applicable due to timing issues with the purchase of new properties. Case-Laws Income Tax Wed, 19 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436864