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2022 (3) TMI 765 - ITAT CHANDIGARHRevision u/s 263 - net profit/premium from transactions in the F & O Segment - HELD THAT:- There was nothing on record which occasion any further verification or examination by the A.O. in terms of seeking and enquiring facts and figures with NSEL in respect of assessee's transactions so undertaken through the broker. The A.O. has done what all was expected from him and he has carried out necessary examination and verification as was expected from him in terms of discharge of his statutory functions and as a person of reasonable intellect and understanding, nothing more could have been expected in the facts and circumstances of the present case. AO was not required to call for information from NSEL nor there were any circumstances which were apparent on record which could have necessitated to verify the information, so submitted by the assessee with NSEL during the course of assessment proceedings and therefore, it cannot be held that proper enquiries which should have been made have not been conducted by the A.O. and the findings of the ld. PCIT in this regard are thus set-aside and the assessment order so passed by the A.O. cannot be held erroneous in so far as prejudicial to the interest of the Revenue on this account. Net results of transactions so undertaken by the assessee during the year under consideration, it is also clear that right from the stage of show-cause till passing of the impugned order, the ld. PCIT has maintained a status quo or rather a silence and has blindly gone by the initial figure so stated in the show-cause notice and no efforts have been made even to look at the reconciliation so sought to be made by the assessee. Therefore, even taking into consideration the fresh material/data received from NSEL, which represent a broad, un-reconciled raw data, the said data and the figure cannot be termed as tangible and determinative number by any stretch of imagination and in absence of any specific finding recorded by the ld. PCIT, the same cannot form the basis for holding the assessment order so passed as erroneous in so far as prejudicial to the interest of Revenue. We find that similar view has been taken by the Coordinate Delhi Bench in case of CIT Vs. Rajshyama Constructions Pvt. Ltd. [2010 (8) TMI 988 - ITAT DELHI] wherein the Coordinate Bench has held that in absence of specific material on record, the powers under section 263 have been wrongly exercised by the ld. CIT and only in cases where the ld. CIT is able to bring on record specific material which has not been verified by the Assessing officer, the order so passed by the Assessing officer can be held to be erroneous on an incorrect assumption of facts We find that there is no justifiable and legal basis for exercise of jurisdiction u/s. 263 by the ld. PCIT and the order so passed is hereby set-aside and the order of the Assessing officer passed u/s. 143(3) is sustained. - Decided in favour of assessee.
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