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2019 (12) TMI 301 - ITAT DELHIRevision u/s 263 - source of cash deposit - sale of land - computation of Long Term Capital Gain/loss - HELD THAT:- Explanation 2 does not envisage that Assessing Officer should go to the last point of inquiry on the issue. What is expected from the AO to carry out reasonable and pragmatic inquiry so as to justify his actions and which manifests his application of mind. If inquiry is found to be fleeting or eyewash then it can be held that inquiry has not been done by the AO. Here in this case, we find that AO has examined all the relevant documents asked by him from time to time and after verifying the documents and copy of sale deed he has reached to a conclusion that the source of cash deposits in the bank account has been explained which were tallying from the copy of sale deeds. Even the computation of Long Term Capital Gain/loss was found to be correct in view of the documents furnished and from the Approved Valuer’s report. If the assessee has sold the land at a price mentioned in the sale deed, then onus is not on the assessee to show that from where the purchasers have paid the money. Thus, the onus as cast upon the assessee stood duly discharged and Assessing Officer has correctly allowed the claim of Long Term Capital Loss. Revisionary order passed u/s.263 by the ld. CIT cancelling the assessment order is not sustainable and hence is quashed. Thus, the appeal of the assessee is allowed.
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