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2011 (2) TMI 579 - HC - Income TaxRevision - Allowance or disallowance of the capital loss on transactions relating to purchase and sale of units issued by UTI - Held that: - the assessee had been engaged in these transactions in the preceding assessment years, CIT could have had no occasion to take recourse to revisional powers under Section 263 of the Act on the fundamental aspects of the transactions in issue on which a view had been taken and, not shown to us as having been challenged.
The argument of Revenue that the CIT only sought to treat the price differential as the cost incurred by the assessee towards retention of legal ownership in the units; is premised on the transactions being different from that what the assessee claimed them to be in the earlier assessment year – a position which decidedly remained unchallenged. Such an approach is against the principle of consistency. The department has not shown any special circumstances warranting deviation from the said principle. - Decided in favor of assessee.
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