Tax Deduction Upheld: PCIT's Challenge Dismissed Due to Lack of New Facts and Jurisdictional Conditions.

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....The assessee was allowed deduction u/s 54/54F without proper examination of relevant details and materials. The Assessing Officer (AO) framed the assessment u/s 143(3) after considering the details of assets sold and cost of acquisition, allowing the deduction u/s 54F. The assessee furnished investment details and bills/vouchers in response to the notice u/s 142(1). The AO/NFAC, after examining the relevant details, concluded on the allowability of deduction u/s 54F. The Principal Commissioner of Income Tax (PCIT) noted that the assessee furnished investment details of a huge amount, out of which deduction was claimed without specifying the expenses against which Section 54F deduction was claimed. However, it cannot be said that there was n.........