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TMI Blog2024 (9) TMI 1566X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the land belonging to her spouse and her brother-in-law will not debarred the claim u/s. 54F of the Act as projected by the Ld.PCIT. But besides this the AO has made detailed inquiries at the time of the assessment proceedings and therefore section 263 cannot be invoked for merely the change in opinion/difference of opinion of the Ld.PCIT. AO at the time of the assessment proceedings has taken cognizance of all the details filed by the assessee and therefore the invocation of section 263 itself is not justifiable. Hence, the appeal of the assessee is allowed. - Ms. Suchitra Kamble, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member For the Assessee : Shri SN Divatia, with Shri Samir Vora, ARs For the Revenue : Shri Sudh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld that the order of assessment passed u/s 143(3) on 10.11.2020 by AO to the extent of allowing the claim of exemption u/s 54F of Rs. 3,16,37,333/- was erroneous and prejudicial to the interest of the Revenue for want of adequate inquiry and on merits held the said claim u/s 54F to be inadmissible. 3.1 The Id. Pr. CIT has grievously erred in law and or on facts in holding that the exemption allowed u/s 54F was not in order. That the in the facts and circumstances of the Id. Pr. CIT ought not to have held that the exemption allowed u/s 54F was not in order It is, therefore, prayed that the order passed by Pr CIT u/s 263 as well as directions to disallow the said expenses should be quashed. 3. The assessee filed her return of income for the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny to verify the capital gain deduction claimed by the assessee in her ITR. Thus, the inquiry made by the Assessing Officer has been done thoroughly in respect of this exemption u/s. 54F of the Act relating to the capital gains. In fact the enquiries relating to the ownership of land and residential house was made as per the notice dated 16.09.2020 and 05.10.2020 by the Assessing Officer. The Assessing Officer was very well aware of the dwell ownership of the property and in fact the legal submission made by the assessee during the assessment proceedings was also taken cognizance by allowing the claim of exemption u/s. 54F of the Act. The assessee had given the related documents about her house property as well as the details of ownership a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... details relating to the construction as well as the purchase of residential house within the prescribed period of 3 years. The contention of the Ld.DR that the land belonging to her spouse and her brother-in-law will not debarred the claim u/s. 54F of the Act as projected by the Ld.PCIT. But besides this the AO has made detailed inquiries at the time of the assessment proceedings and therefore section 263 cannot be invoked for merely the change in opinion/difference of opinion of the Ld.PCIT. The AO at the time of the assessment proceedings has taken cognizance of all the details filed by the assessee and therefore the invocation of section 263 itself is not justifiable. Hence, the appeal of the assessee is allowed. 8. In the result, the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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