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2017 (5) TMI 978 - AT - Income TaxRevision u/s 263 - firstly the AO has not examined short term capital gain arising on the sale of various assets during the assessment proceedings; secondly, the AO has not obtained form 3CEA and has not examined the assessee’s claim regarding slump sale despite mentioning in the assessment order; and thirdly, the AO has not examined whether assets added during the financial year qualified for benefit u/s. 50B - Held that:- When the AO having gone through the MOU and contract after having made enquiries and after considering the replies of the assessee regarding the said transaction from the assessee, having accepted the transaction as a ‘slump sale’, which fact he acknowledges it in different paragraphs of the draft assessment order, then makes rectification u/s. 154 regarding the very same fact and finds mention of it in the final assessment order is a plausible view which cannot be termed as a finding unsustainable in law. The Ld. CIT, DR’s objection that the AO has not elaborately discussed about the slump sale makes it erroneous cannot be accepted for the simple fact that the assessee cannot dictate the AO how to write the assessment order. The assessee can only answer to the queries and place evidence before the AO in support of its averment, which in this case has been done by the assessee. All the records were furnished before the AO and the AO has called for details from the assessee regarding slump sale and has applied his mind and has decided to accept the claim of the assessee that the transaction in question is ‘slump sale’ which cannot be termed as erroneous simply because the AO has not made any detailed discussion about it in the assessment order. Since we find that the AO has made enquiries into slump sale transaction which took place in the relevant assessment year and the action of AO in accepting the claim of assessee that the transaction in question was a slump sale after detailed enquiry is a plausible view, so , we do not find that the twin conditions required for exercising the jurisdiction u/s. 263 of the Act is found missing/ existing/absent and, therefore, the Ld. CIT ought not to have exercised his revisional jurisdiction - Decided in favour of assessee.
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