https://www.taxtmi.com/caselaws?id=445007 ITAT Hyderabad upheld PCIT's revision order u/s 263, finding AO's assessment erroneous and prejudicial to revenue. Assessee claimed deduction u/s 54F but failed to hold purchased flats for mandatory 3-year period, having sold all flats prematurely. AO's order was cryptic and failed to address scrutiny reasons. ITAT confirmed section 54F conditions were not fulfilled, making the original assessment order invalid. Appeal dismissed against assessee. en-us Wed, 11 Oct 2023 00:00:00 +0530 Sat, 28 Oct 2023 08:34:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445007 ITAT Hyderabad upheld PCIT's revision order u/s 263, finding AO's assessment erroneous and prejudicial to revenue. Assessee claimed deduction u/s 54F but failed to hold purchased flats for mandatory 3-year period, having sold all flats prematurely. AO's order was cryptic and failed to address scrutiny reasons. ITAT confirmed section 54F conditions were not fulfilled, making the original assessment order invalid. Appeal dismissed against assessee. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445007