The case pertains to the scope of limited scrutiny by the assessing officer regarding computation of...

The case pertains to the scope of limited scrutiny by the assessing officer regarding computation of capital gains u/s 45 and providing exemption u/s 54B of the Income Tax Act. The key points are: The assessee's case was selected for limited scrutiny to verify the deduction claimed u/s 54B. However, the assessing officer exceeded jurisdiction by disallowing the fair market value claimed u/s 45 for computing capital gains, which was beyond the limited scrutiny scope. This violated CBDT instructions limiting the scrutiny scope. The assessment order u/s 143(3) became invalid as the officer traveled beyond the assigned jurisdiction of limited scrutiny. To examine aspects beyond limited scrutiny like cost of acquisition u/s 45, the assessing off..... .....

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