https://www.taxtmi.com/caselaws?id=763110 ITAT Nagpur quashed PCIT's revision order under section 263 challenging agricultural land sale exemption under section 54EC. The tribunal held that agricultural land was consistently used for farming purposes in preceding years based on available 7/12 extracts, making AO's original assessment reasonable. PCIT failed to establish twin conditions of erroneous and prejudicial order required for section 263 revision. Regarding valuation reference, tribunal found AO conducted adequate inquiry before accepting assessee's claim, and PCIT lacked authority to direct valuation cell reference. The original assessment order was upheld in favor of assessee. en-us Fri, 20 Sep 2024 00:00:00 +0530 Thu, 12 Dec 2024 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763110 ITAT Nagpur quashed PCIT's revision order under section 263 challenging agricultural land sale exemption under section 54EC. The tribunal held that agricultural land was consistently used for farming purposes in preceding years based on available 7/12 extracts, making AO's original assessment reasonable. PCIT failed to establish twin conditions of erroneous and prejudicial order required for section 263 revision. Regarding valuation reference, tribunal found AO conducted adequate inquiry before accepting assessee's claim, and PCIT lacked authority to direct valuation cell reference. The original assessment order was upheld in favor of assessee. Case-Laws Income Tax Fri, 20 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763110