https://www.taxtmi.com/caselaws?id=764435 The ITAT dismissed the assessee's appeal against the PCIT's revision order u/s 263. The PCIT correctly held the original assessment order as erroneous and prejudicial to revenue interests regarding Section 54B deduction. The AO failed to verify that agricultural land was used for agricultural purposes for two years immediately preceding transfer, as mandatorily required under Section 54B. The AO also failed to inquire about relinquishment payments' eligibility for deduction. Government reports confirmed no agricultural activities occurred on both sold and purchased properties during 2014-2018. The ITAT upheld the revision order, emphasizing proper inquiry is essential before allowing Section 54B deductions. en-us Wed, 08 Jan 2025 00:00:00 +0530 Thu, 09 Jan 2025 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764435 The ITAT dismissed the assessee's appeal against the PCIT's revision order u/s 263. The PCIT correctly held the original assessment order as erroneous and prejudicial to revenue interests regarding Section 54B deduction. The AO failed to verify that agricultural land was used for agricultural purposes for two years immediately preceding transfer, as mandatorily required under Section 54B. The AO also failed to inquire about relinquishment payments' eligibility for deduction. Government reports confirmed no agricultural activities occurred on both sold and purchased properties during 2014-2018. The ITAT upheld the revision order, emphasizing proper inquiry is essential before allowing Section 54B deductions. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764435