Section 263 Revision: Deduction u/s 54F Disallowed Due to Non-Compliance with Holding Period for Flats.

Revision u/s 263 - allowing deduction u/s 54F in the absence of Long Term Capital Gain - When the assessee has not held the flats for a minimum period of 3 years, the provisions of section 54F are not fulfilled and therefore, by allowing the claim of deduction u/s 54F, the order of the Assessing Officer has become erroneous as well as prejudicial to the interest of the Revenue. - AT .....

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