https://www.taxtmi.com/caselaws?id=447705 ITAT Ahmedabad quashed PCIT's revision order u/s 263 regarding Long Term Capital Gain computation. PCIT alleged assessee failed to produce evidence for land levelling, fencing, consultation charges, and land development expenses of Rs. 49,08,263/-. ITAT held PCIT failed to consider assessee's replies and that expenditure wasn't disallowed in original assessment year 2007. Court noted AO cannot seek details beyond three years and where two views are possible, adopting one view doesn't justify s.263 revision. Since assessee had carry forward losses and no revenue loss occurred, revision was unwarranted. Appeal allowed. en-us Fri, 27 Oct 2023 00:00:00 +0530 Tue, 02 Jan 2024 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447705 ITAT Ahmedabad quashed PCIT's revision order u/s 263 regarding Long Term Capital Gain computation. PCIT alleged assessee failed to produce evidence for land levelling, fencing, consultation charges, and land development expenses of Rs. 49,08,263/-. ITAT held PCIT failed to consider assessee's replies and that expenditure wasn't disallowed in original assessment year 2007. Court noted AO cannot seek details beyond three years and where two views are possible, adopting one view doesn't justify s.263 revision. Since assessee had carry forward losses and no revenue loss occurred, revision was unwarranted. Appeal allowed. Case-Laws Income Tax Fri, 27 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447705