https://www.taxtmi.com/caselaws?id=754615 ITAT Jaipur allowed the assessee's appeal against CIT's revision order u/s 263 regarding Long Term Capital Gain exemption u/s 54. The tribunal held that AO had conducted proper enquiries, examined the deduction claim, collected relevant information, and applied mind before allowing the exemption. CIT failed to demonstrate any specific error or defect in AO's assessment order that would be prejudicial to revenue interests. Since AO took a possible view after due enquiry and none of the conditions under Explanation 2(a) of Section 263 were fulfilled, the revision order was deemed invalid. en-us Mon, 24 Jun 2024 00:00:00 +0530 Thu, 27 Jun 2024 08:57:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754615 ITAT Jaipur allowed the assessee's appeal against CIT's revision order u/s 263 regarding Long Term Capital Gain exemption u/s 54. The tribunal held that AO had conducted proper enquiries, examined the deduction claim, collected relevant information, and applied mind before allowing the exemption. CIT failed to demonstrate any specific error or defect in AO's assessment order that would be prejudicial to revenue interests. Since AO took a possible view after due enquiry and none of the conditions under Explanation 2(a) of Section 263 were fulfilled, the revision order was deemed invalid. Case-Laws Income Tax Mon, 24 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754615