https://www.taxtmi.com/caselaws?id=462342 Delhi HC allowed assessee's appeal against PCIT's revision order u/s 263. PCIT challenged exemption claimed u/s 54F on long term capital gains from share sale, alleging inflated sale consideration based on company's land valuation. HC held PCIT cannot substitute agreed consideration value between parties without definite finding that capital gains computation u/s 48 was incorrect. Court ruled proper approach requires first determining if long term capital gain calculation is wrong before challenging exemption provisions. PCIT's revision order was set aside, upholding original assessment order and exemption u/s 54F. en-us Mon, 11 Mar 2024 00:00:00 +0530 Wed, 11 Jun 2025 20:03:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462342 Delhi HC allowed assessee's appeal against PCIT's revision order u/s 263. PCIT challenged exemption claimed u/s 54F on long term capital gains from share sale, alleging inflated sale consideration based on company's land valuation. HC held PCIT cannot substitute agreed consideration value between parties without definite finding that capital gains computation u/s 48 was incorrect. Court ruled proper approach requires first determining if long term capital gain calculation is wrong before challenging exemption provisions. PCIT's revision order was set aside, upholding original assessment order and exemption u/s 54F. Case-Laws Income Tax Mon, 11 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462342