https://www.taxtmi.com/caselaws?id=759133 ITAT Rajkot held that AO exceeded jurisdiction in limited scrutiny case by disallowing Fair Market Value claimed under section 45, which was beyond assigned scope. Case was selected for limited scrutiny only to verify section 54B deduction and large investment issues, not for examining cost of acquisition under section 45. AO violated CBDT instructions 20/2015 and 5/2016 by traveling beyond limited scrutiny parameters without obtaining prior permission from higher authorities. Assessment order under section 143(3) declared bad in law. Section 54B provisions cannot be linked with section 48 for enhancing capital gains under section 45 without proper authorization. Appeal allowed in favor of assessee. en-us Mon, 02 Sep 2024 00:00:00 +0530 Wed, 25 Sep 2024 08:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759133 ITAT Rajkot held that AO exceeded jurisdiction in limited scrutiny case by disallowing Fair Market Value claimed under section 45, which was beyond assigned scope. Case was selected for limited scrutiny only to verify section 54B deduction and large investment issues, not for examining cost of acquisition under section 45. AO violated CBDT instructions 20/2015 and 5/2016 by traveling beyond limited scrutiny parameters without obtaining prior permission from higher authorities. Assessment order under section 143(3) declared bad in law. Section 54B provisions cannot be linked with section 48 for enhancing capital gains under section 45 without proper authorization. Appeal allowed in favor of assessee. Case-Laws Income Tax Mon, 02 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759133