https://www.taxtmi.com/caselaws?id=753017 ITAT Chandigarh ruled on revision proceedings under section 263 concerning limitation periods. The tribunal held that revisionary action for original assessment issues must be completed within two years from the financial year of assessment order. For reassessment matters, limitation runs from reassessment order date. The tribunal found revision proceedings regarding land sale transaction of Rs 23.99 lacs were time-barred as they related to original assessment. Transfer expenses and CLU charges revision was rejected as documentary evidence existed. However, section 54F deduction was restricted to Rs 30,49,998 as computed by PCIT. Assessee's appeal was partly allowed. en-us Thu, 04 Jan 2024 00:00:00 +0530 Wed, 22 May 2024 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753017 ITAT Chandigarh ruled on revision proceedings under section 263 concerning limitation periods. The tribunal held that revisionary action for original assessment issues must be completed within two years from the financial year of assessment order. For reassessment matters, limitation runs from reassessment order date. The tribunal found revision proceedings regarding land sale transaction of Rs 23.99 lacs were time-barred as they related to original assessment. Transfer expenses and CLU charges revision was rejected as documentary evidence existed. However, section 54F deduction was restricted to Rs 30,49,998 as computed by PCIT. Assessee's appeal was partly allowed. Case-Laws Income Tax Thu, 04 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753017