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| The Tax Publishers2020 TaxPub(DT) 3750 (Mum-Trib) INCOME TAX ACT, 1961
Section 263
Merely because issue as regards exemption of long-term capital gain arising from sale of shares, was not elaborately discussed in quantum assessment, it could not be a ground to invoke revisional jurisdiction under section 263 particularly when details called for by AO were submitted and placed on record.
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Revision under section 263 - Validity - Alleged non-discussion on part of AO in relation to eligibility of exemption from capital gains from sale of shares -
Assessee filed appeal by contesting correctness of revisional jurisdiction under section 263 as exercised by PCIT for relevant assessment year. Revision under section 263 was done on allegation that claim of Long Term Capital Gain exemption on shares was not discussed in assessment order passed under section 143(3). Held: There was proper disclosure of exempt LTCG in assessee's computation of income. Transactions were duly explained by assessee with requisite documentary evidences during course of regular assessment proceedings. Assessment order took note of fact that various details were called from assessee which were duly submitted and placed on record. These details included notes and explanations on issues that came up for discussion during course of hearing. It could be concluded that there was due application of mind by AO on stated issue and claim was admitted after due verification. Merely because issue was not elaborately discussed in quantum assessment, it could not be a ground to invoke revisional jurisdiction under section 263 particularly when details called for by AO were submitted and placed on record.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2014-15
IN THE ITAT, MUMBAI BENCH
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