https://www.taxtmi.com/caselaws?id=447085 ITAT Rajkot upheld PCIT's revision order u/s 263 setting aside AO's incorrect allowance of exemption u/s 54 instead of 54F. Assessee earned LTCG from plot transfer, not residential house, making s.54 inapplicable. Assessee's fresh contention of no revenue prejudice since s.54F would provide similar exemption was rejected as it required verification and wasn't raised before PCIT. ITAT found assessment order erroneous and prejudicial to revenue interest, dismissing assessee's appeal. en-us Fri, 15 Dec 2023 00:00:00 +0530 Mon, 18 Dec 2023 06:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447085 ITAT Rajkot upheld PCIT's revision order u/s 263 setting aside AO's incorrect allowance of exemption u/s 54 instead of 54F. Assessee earned LTCG from plot transfer, not residential house, making s.54 inapplicable. Assessee's fresh contention of no revenue prejudice since s.54F would provide similar exemption was rejected as it required verification and wasn't raised before PCIT. ITAT found assessment order erroneous and prejudicial to revenue interest, dismissing assessee's appeal. Case-Laws Income Tax Fri, 15 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447085