https://www.taxtmi.com/caselaws?id=459268 ITAT Dehradun quashed PCIT's revision order u/s 263 regarding deduction u/s 54B. The tribunal held that revisionary authority failed to independently apply mind, acting merely on subordinate officer's proposal, making the revision invalid. Regarding the substantive issue, ITAT ruled that agreement to sell with possession deed executed for agricultural land purchase qualified for s.54B exemption, relying on SC precedent in Sanjeev Lal case. The original assessment order was restored, allowing the deduction claim. en-us Fri, 15 Sep 2023 00:00:00 +0530 Fri, 06 Dec 2024 18:57:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459268 ITAT Dehradun quashed PCIT's revision order u/s 263 regarding deduction u/s 54B. The tribunal held that revisionary authority failed to independently apply mind, acting merely on subordinate officer's proposal, making the revision invalid. Regarding the substantive issue, ITAT ruled that agreement to sell with possession deed executed for agricultural land purchase qualified for s.54B exemption, relying on SC precedent in Sanjeev Lal case. The original assessment order was restored, allowing the deduction claim. Case-Laws Income Tax Fri, 15 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459268