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2021 (6) TMI 1157 - ITAT PUNERevision u/s 263 - Error computing capital loss - such loss is not allowable for the reason that the assessee has shown the cost of acquisition on entire three plots wrongly but in actual fact, the assessee sold his 30% share in three commercial plots admeasuring 3,310 sq. mtrs only as against 4.200 sq.mtrs. - as per CIT AO did not apply his mind at all on this working, without there being any discussion, he passed an assessment order - HELD THAT:- On perusal of the assessment order dated 17.06.2016 passed by the Assessing Officer, which is on record, determined the same amount as returned by the assessee wherein we note that no discussion or whatsoever made with regard to the purchase of plot, selling of the said plot and cost of acquisition etc., Taking into consideration the facts and circumstances of the case and the reasons recorded by the learned Principal learned Commissioner of Income-Tax in the impugned order, we find no infirmity in the order of the learned Principal Commissioner of Income-Tax in invoking the jurisdiction under Sec. 263 of the Act in quashing the assessment order dated 17.06.2016 treating the same as erroneous and prejudicial to the interest of Revenue and thus the order of the learned Principal Commissioner of Income-Tax is justified and thus, the grounds raised by the assessee are dismissed.
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