The Income Tax Appellate Tribunal (ITAT), Pune bench consisting of Inturi Rama Rao, Accountant Member, and S S Viswanethra Ravi quashed the revision order of Principal Commissioner of Income Tax (PrCIT) as prima facie evidence for claiming exemption under Section 54B proved. The appellant, Sanjay Amrutrao is HUF engaged in the business developers and promoters…
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