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2015 (1) TMI 1240 - AT - Income TaxRevision u/s 263 - in genuineness of the incidence of capital gains - Held that:- CIT other than saying that the assessment whether the Assessing Officer really probed the genuineness of the incidence of capital gains cannot make the assessment order erroneous and prejudicial to the interest of revenue. In fact, the ld. CIT has not pointed out what is the exact error. Just because the query nor the answer is reflected in the assessment order, it would not lead to the conclusion that the order of the Assessing Officer called for any interference or revision. CIT having examined and verified the transactions himself and having not pointed out any error in the merits or the order of the Assessing Officer or the view taken by the Assessing Officer, it would not be possible to invoke his powers under section 263, just because the view as desired by the ld. CIT has not been taken by the Assessing Officer in the assessment order. In these circumstances, we are of the view that the order passed under section 263 by the ld. CIT is unsustainable and consequently quash the same. - Decided in favour of assessee.
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