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2020 (4) TMI 215 - AT - Income TaxRevision u/s 263 - AO had erred in allowing the impugned set off of LTCL - set- off of long term capital loss - HELD THAT:- Assessment has to be both erroneous as well as causing prejudice to the interest of the Revenue before sec.263 revision jurisdiction is invoked. Coming to the relevant facts involved in the instant lis, we note that although the assessee’s returns of income assessment year(s) 2005-06, 2010-11 and 2011-12 had stated LTCL the corresponding sec. 143(3) assessment dated 28.12.2007 had taken the loss figure as nil in the assessment year and the latter two assessment year(s) returns had been summarily processed on 27.07.2011 and 21.02.2012 u/s 143(1) we observe in this backdrop of facts that the impugned LTCL stood reduced to the extent of ₹19,85,394/- only whereas the relief granted to the assessee during the course of re-assessment read an amount of ₹40,31,675/-. PCIT has rightly exercised his sec. 263 revision jurisdiction followed by his directions under challenge to the Assessing Officer for finalizing the impugned computation afresh as per law. The same stands affirmed therefore. Suffice to say, the Assessing Officer’s consequential assessment shall be framed after affirming adequate opportunity of hearing to this taxpayer who shall be at liberty to raise all factual & legal pleas in support of the impugned LTCL set off claim. - Decided against assessee.
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