Monday 16 February 2015

No reassessment to deny sec. 54 relief alleging sale of agricultural land, as such sale was otherwis

IT : Where Assessing Officer completed assessment under section 143(3) allowing assessee's claim for deduction under section 54, subsequently he could not initiate reassessment proceedings taking a view that property transferred by assessee was agriculture land and, thus, deduction in question was wrongly allowed


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