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2018 (12) TMI 635 - AT - Income TaxRevision u/s 263 - profit earned by the assessee from the sale of shares not considered by AO - Held that:- AO as already noted by us, had not made any enquiry on the issue of profit earned by the assessee from the sale of shares and taxability of the same in the hands of the assessee. There is also nothing on record to show that there was any basis, which resulted in giving an impression to the AO that the claim of the assessee for exemption as per the sanctioned scheme of BIFR was likely to be allowed. AO passed under section 143(3) allowing the claim of the assessee for exemption on this issue was erroneous as well as prejudicial to the interest of the revenue and the Principal CIT was fully justified in setting aside the same vide her impugned order passed under section 263. We, therefore, uphold the said order of the Principal CIT and dismiss this appeal of the assessee.
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