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2018 (12) TMI 281 - AT - Income TaxRevision u/s 263 - capital gain earned by the assessee on sale of the shares has not been offered for the Book Profit tax under section 115JB - assessment order passed u/s 143 (3) by AO is erroneous and prejudicial to the interests of the revenue - Held that:- In the present case, the learned assessing officer has not even examined the computation of the Book Profit under section 115 JB. No Form No. 29B has been filed by the assessee before the assessing officer or before the principal Commissioner of income tax, which itself speaks that the learned assessing officer has not conducted any enquiry with respect to the computation of Book Profit u/s 115 JB. Also AR could not show what is the extensive enquiry the learned assessing officer has conducted with respect to the computation of the Book Profit under section 115 JB of the Act. Even before us form No. 29B was not filed. In presence of these peculiar facts and circumstances of the case in hand, the decisions relied by the assessee do not render any help to it and the same are distinguishable on facts. Therefore, we concur with the views of the learned principal Commissioner of income tax that according to the explanation (2) of section 263 of the Income 56 Tax Act, 1961, the order passed by the learned assessing officer is erroneous so far as it is prejudicial to the interest of the revenue. We confirm the finding of CIT-A in holding that the order passed by the learned assessing officer under section 143 (3) on 2/1/2016 is erroneous in so far as prejudicial to the interest of the revenue to the extent that the learned assessing officer has not examined the computation of the Book Profit under section 115 JB - decided against assessee.
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