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2023 (2) TMI 1277 - HC - Income TaxExemption u/s 10(38) claimed in revised return - scrutiny assessment - bogus LTCG on shares - revised return was filed by the Assessee claiming the above exemption which was denied - whether Revenue debarred from obtaining admissions/ statements during the course of a survey? - denial of an opportunity to cross examine the entry providers - CIT(A) was satisfied that the purchase of liquid shares have been made through Account Payee Cheques and the shares themselves were held in Demat Account for more than 12 months - ITAT noted the settled position in law that if an Assessee has wrongly offered an item of income or omitted to make a claim of deduction in the return, he was entitled to correct such a mistake by making a request to the AO to that effect - HELD THAT:- ITAT was justified in accepting the plea of the Assessee that the failure to adhere the principles of natural justice went to the root of the matter. Also, the CBDT circular that permitted to the Assessee to file revised returns if he omitted to make a claim was also not noticed by the AO. In the considered view of the Court, the ITAT committed no error in concurring with the view of the CIT(A) and in dismissing the Revenue’s appeal.
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