https://www.taxtmi.com/caselaws?id=778163 ITAT PUNE - AT held that PCIT validly invoked s.263 to set aside the assessment passed u/s.147 r.w.s.144B because the AO failed to examine escapement of income and eligibility for deduction u/s.54F arising from a sale of immovable property. The Tribunal found a direct connection between the recorded reasons and the transaction, rejected the precedents relied on by the assessee, dismissed challenges to s.263 jurisdiction, and confirmed that the assessment was erroneous and prejudicial. Matter remitted to AO to examine the s.54F claim. Decision against the assessee. en-us Mon, 08 Sep 2025 00:00:00 +0530 Thu, 11 Sep 2025 08:29:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778163 ITAT PUNE - AT held that PCIT validly invoked s.263 to set aside the assessment passed u/s.147 r.w.s.144B because the AO failed to examine escapement of income and eligibility for deduction u/s.54F arising from a sale of immovable property. The Tribunal found a direct connection between the recorded reasons and the transaction, rejected the precedents relied on by the assessee, dismissed challenges to s.263 jurisdiction, and confirmed that the assessment was erroneous and prejudicial. Matter remitted to AO to examine the s.54F claim. Decision against the assessee. Case-Laws Income Tax Mon, 08 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778163