https://www.taxtmi.com/caselaws?id=761320 The ITAT Bangalore quashed the PCIT's revision order u/s 263 regarding deduction u/s 54F. The AO had conducted proper assessment u/s 143(3) after examining relevant details including bills/vouchers for property investment of Rs. 6,66,50,852 and allowed deduction of Rs. 4,64,71,744. The PCIT's notice u/s 263 was found vague, seeking only deeper enquiry of already considered evidence without establishing any error or revenue prejudice. The tribunal held that mere discretionary power cannot be exercised arbitrarily without demonstrating specific errors through independent investigation. The assessee's appeal was allowed. en-us Mon, 05 Aug 2024 00:00:00 +0530 Wed, 06 Nov 2024 12:59:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761320 The ITAT Bangalore quashed the PCIT's revision order u/s 263 regarding deduction u/s 54F. The AO had conducted proper assessment u/s 143(3) after examining relevant details including bills/vouchers for property investment of Rs. 6,66,50,852 and allowed deduction of Rs. 4,64,71,744. The PCIT's notice u/s 263 was found vague, seeking only deeper enquiry of already considered evidence without establishing any error or revenue prejudice. The tribunal held that mere discretionary power cannot be exercised arbitrarily without demonstrating specific errors through independent investigation. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 05 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761320