https://www.taxtmi.com/caselaws?id=447348 ITAT Delhi ruled on revision u/s 263 concerning LTCG deduction u/s 54F. The court held that Pr.CIT cannot exercise revisional powers merely because another view is possible; the order must be both erroneous and prejudicial to revenue. Regarding property division, ITAT found that two agreements for the same property with common kitchen and electricity bill constitute one residential unit eligible for s.54F deduction. However, the court rejected the claim that Rs. 25 lakh kept in Capital Gain Account Scheme for improvement costs qualifies for s.54F deduction, ruling such costs are deductible only upon future sale. Appeal was partly allowed. en-us Wed, 20 Dec 2023 00:00:00 +0530 Fri, 22 Dec 2023 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447348 ITAT Delhi ruled on revision u/s 263 concerning LTCG deduction u/s 54F. The court held that Pr.CIT cannot exercise revisional powers merely because another view is possible; the order must be both erroneous and prejudicial to revenue. Regarding property division, ITAT found that two agreements for the same property with common kitchen and electricity bill constitute one residential unit eligible for s.54F deduction. However, the court rejected the claim that Rs. 25 lakh kept in Capital Gain Account Scheme for improvement costs qualifies for s.54F deduction, ruling such costs are deductible only upon future sale. Appeal was partly allowed. Case-Laws Income Tax Wed, 20 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447348