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2022 (2) TMI 1238 - AT - Income TaxRevision u/s 263 - validity of addition in 153A order in respect of capital gains - Whether there were no incriminating seized materials suggesting that the capital gains has been wrongly computed? - HELD THAT:- AO himself could not have added any amount invoking section 50C of the Act and the assessing officer could not have disturbed the carry forward of capital loss while framing assessment u/s. 153A of the Act, as no material whatsoever was found in the course of search warranting an enquiry into these aspects in an assessment u/s.143(3) read with sEc.153A of the Act. Hence, the order u/s. 153A in not doing so cannot be said to be erroneous and prejudicial to the interests of the revenue. In the assessment order made u/s. 153A of the Act dated 30.11.2016 for AY 2011- 12, no reference is made to any seized materials and the income assessed in original assessment order dated 28.06.2013 was reiterated. Hence, AO could not have made any addition in 153A order for the assessment year 2011-12 in respect of capital gains as there were no incriminating seized materials suggesting that the capital gains has been wrongly computed. Hence, provisions of section 263 of the Act cannot be invoked to revise of order u/s 153A of the Act. On this short point we allow the appeal of the assessee and quash the impugned order u/s.263 - Assessee appeal allowed.
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