| The Tax Publishers2020 TaxPub(DT) 0136 (Kol-Trib) INCOME TAX ACT, 1961
Section 263
AO had made due enquiries into the claim of short-term capital loss incurred by assessee concerned. AO had called for complete details of transactions in concerned shares. Assessee complied with questionnaire issued by AO and furnished details like Name of Scrip, Date of purchase, Quantity, Rate, Mode of Payment, Date of sale, Quantity Sold, Rate, Date of Dividend declaration, Amount of dividend, STT paid, Capital Loss. After connsidering the same, AO took a plausible view and allowed assessee's claim. Accordingly, assessment order could not be held as erroneous and prejudicial on the ground of lack of enquiry.
|
Revision under section 263 - Erroneous and prejudicial order - No lack of enquiry on AO's part as alleged by Pr. CIT as regards assessee's claim for short-term capital loss on sale of shares -
Pr. CIT held assessment order as erroneous and prejudicial to the interest of revenue on the ground that there was lack of enquiry on part of AO in allowing assessee's claim for short-term capital loss on sale of shares which was reported to be suspicious by Investigation Wing. Held: AO had made due enquiries into the claim of short-term capital loss incurred by assessee concerned. AO had called for complete details of transactions in concerned shares. Assessee complied with questionnaire issued by AO and furnished details like Name of Scrip, Date of purchase, Quantity, Rate, Mode of Payment, Date of sale, Quantity Sold, Rate, Date of Dividend declaration, Amount of dividend, STT paid, Capital Loss. After connsidering the same, AO took a plausible view and allowed assessee's claim. Accordingly, assessment order could not be held as erroneous and prejudicial on the ground of lack of enquiry.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
IN THE ITAT, KOLKATA BENCH
 SUBSCRIBE FOR FULL CONTENT
|