https://www.taxtmi.com/highlights?id=81675 The case pertains to the scope of limited scrutiny by the assessing officer regarding computation of capital gains u/s 45 and providing exemption u/s 54B of the Income Tax Act. The key points are: The assessee's case was selected for limited scrutiny to verify the deduction claimed u/s 54B. However, the assessing officer exceeded jurisdiction by disallowing the fair market value claimed u/s 45 for computing capital gains, which was beyond the limited scrutiny scope. This violated CBDT instructions limiting the scrutiny scope. The assessment order u/s 143(3) became invalid as the officer traveled beyond the assigned jurisdiction of limited scrutiny. To examine aspects beyond limited scrutiny like cost of acquisition u/s 45, the assessing off..... en-us Wed, 25 Sep 2024 08:01:36 +0530 Wed, 25 Sep 2024 08:01:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81675 The case pertains to the scope of limited scrutiny by the assessing officer regarding computation of capital gains u/s 45 and providing exemption u/s 54B of the Income Tax Act. The key points are: The assessee's case was selected for limited scrutiny to verify the deduction claimed u/s 54B. However, the assessing officer exceeded jurisdiction by disallowing the fair market value claimed u/s 45 for computing capital gains, which was beyond the limited scrutiny scope. This violated CBDT instructions limiting the scrutiny scope. The assessment order u/s 143(3) became invalid as the officer traveled beyond the assigned jurisdiction of limited scrutiny. To examine aspects beyond limited scrutiny like cost of acquisition u/s 45, the assessing off..... Highlights Income Tax Wed, 25 Sep 2024 08:01:36 +0530 https://www.taxtmi.com/highlights?id=81675