https://www.taxtmi.com/caselaws?id=761587 Delhi HC upheld PCIT's revision order under Section 263, finding AO's assessment erroneous and prejudicial to revenue. The case involved taxability of capital gains on land sale where assessee claimed agricultural land exemption. AO accepted assessee's claim without proper inquiry, relying solely on inadequate Tehsildar certificate that failed to specify required distance from municipal limits. Court found AO conducted no effective inquiry to verify if land was agricultural property situated beyond prescribed 5-8 km distance from municipal corporation boundaries, constituting total non-application of mind warranting Section 263 intervention. en-us Fri, 08 Nov 2024 00:00:00 +0530 Thu, 06 Feb 2025 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761587 Delhi HC upheld PCIT's revision order under Section 263, finding AO's assessment erroneous and prejudicial to revenue. The case involved taxability of capital gains on land sale where assessee claimed agricultural land exemption. AO accepted assessee's claim without proper inquiry, relying solely on inadequate Tehsildar certificate that failed to specify required distance from municipal limits. Court found AO conducted no effective inquiry to verify if land was agricultural property situated beyond prescribed 5-8 km distance from municipal corporation boundaries, constituting total non-application of mind warranting Section 263 intervention. Case-Laws Income Tax Fri, 08 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761587