https://www.taxtmi.com/caselaws?id=752043 The ITAT Cochin upheld the Pr. CIT's revision order u/s 263 regarding inadequate verification of deduction claim u/s 54B. The tribunal found the AO's assessment lacked proper enquiry into specific aspects and was not a speaking order. However, ITAT modified the Pr. CIT's finding that assessee "is not eligible" to "may not be eligible" for s. 54B claim, directing de novo assessment. The tribunal clarified that eligibility depends on whether land was actually used for agricultural purposes in the two-year period prior to sale, not merely its fitness for agriculture. en-us Tue, 30 Apr 2024 00:00:00 +0530 Thu, 02 May 2024 08:23:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752043 The ITAT Cochin upheld the Pr. CIT's revision order u/s 263 regarding inadequate verification of deduction claim u/s 54B. The tribunal found the AO's assessment lacked proper enquiry into specific aspects and was not a speaking order. However, ITAT modified the Pr. CIT's finding that assessee "is not eligible" to "may not be eligible" for s. 54B claim, directing de novo assessment. The tribunal clarified that eligibility depends on whether land was actually used for agricultural purposes in the two-year period prior to sale, not merely its fitness for agriculture. Case-Laws Income Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752043