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2023 (6) TMI 918 - ITAT CHANDIGARHRevision u/s 263 - LTCG on sale of properties - property had been sold in piecemeal in 14 transactions - as per CIT properties held by the assessee were stock-in-trade and not capital asset and, therefore, benefit of indexation was not to be made available to the assessee - HELD THAT:- Just because the assessee had sold the land in piecemeal after entering into numerous transactions, it cannot be concluded that such transactions were in the nature of business and selling of immovable property. It is not in dispute that the assessee had duly filed the copies of the sale deed before the AO and, therefore, it is a logical assumption that the AO had duly examined these sale deeds before accepting the returned income of the assessee. Whether to accept the transactions as being taxable under the Long Term Capital Gain or to reject them and tax them under the head income from business would have been duly considered by the AO at the time of assessment proceedings and the conclusion arrived at by the AO was definitely one of the plausible views and, therefore, it cannot be said that the order passed by the AO was erroneous inasmuch as being prejudicial to the interest of the Revenue. We are unable to concur with the view taken by the ld. PCIT and we quash the impugned order which has been passed u/s. 263 - Decided in favour of assessee.
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