https://www.taxtmi.com/caselaws?id=767886 The ITAT Mumbai held that the AO's order allowing Section 54F deduction was neither erroneous nor prejudicial to revenue interests. The assessee had gifted her residential property to daughter-in-law before transferring the original asset, making her eligible for the exemption. The tribunal found that the AO had thoroughly examined all aspects in a speaking order and adopted a plausible view. Citing SC precedent in PCIT vs. Cartier Leaflin, the tribunal ruled that Section 263 revision cannot be invoked when the AO has taken a reasonable position, even if certain aspects weren't examined. The assessee's appeal succeeded. en-us Tue, 25 Mar 2025 00:00:00 +0530 Wed, 26 Mar 2025 15:38:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767886 The ITAT Mumbai held that the AO's order allowing Section 54F deduction was neither erroneous nor prejudicial to revenue interests. The assessee had gifted her residential property to daughter-in-law before transferring the original asset, making her eligible for the exemption. The tribunal found that the AO had thoroughly examined all aspects in a speaking order and adopted a plausible view. Citing SC precedent in PCIT vs. Cartier Leaflin, the tribunal ruled that Section 263 revision cannot be invoked when the AO has taken a reasonable position, even if certain aspects weren't examined. The assessee's appeal succeeded. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767886