https://www.taxtmi.com/caselaws?id=758610 ITAT Surat-AT dismissed assessee's appeal challenging PCIT's revision u/s 263 regarding wrong deductions claimed u/s 54B and 54F. Assessee failed to provide documentary evidence including purchase deeds, payment details, and mode of payment to substantiate genuine purchase of agricultural lands for claiming deductions. Despite claiming payment from sale consideration, no primary evidence was submitted. ITAT held AO's original assessment was erroneous and prejudicial to revenue interests as it allowed deductions without proper verification. The revision order was upheld, confirming assessee was ineligible for claimed deductions due to lack of supporting documentation. en-us Wed, 28 Aug 2024 00:00:00 +0530 Mon, 16 Sep 2024 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758610 ITAT Surat-AT dismissed assessee's appeal challenging PCIT's revision u/s 263 regarding wrong deductions claimed u/s 54B and 54F. Assessee failed to provide documentary evidence including purchase deeds, payment details, and mode of payment to substantiate genuine purchase of agricultural lands for claiming deductions. Despite claiming payment from sale consideration, no primary evidence was submitted. ITAT held AO's original assessment was erroneous and prejudicial to revenue interests as it allowed deductions without proper verification. The revision order was upheld, confirming assessee was ineligible for claimed deductions due to lack of supporting documentation. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758610