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2020 (9) TMI 491 - AT - Income TaxRevision u/s 263 by CIT - claim of Long Term Capital Gain exemption on shares not discussed in the Assessment Order u/s.143(3) - HELD THAT:- There was proper disclosure of exempt LTCG in assessee’s computation of income. The transactions were duly explained by the assessee with requisite documentary evidences during the course of regular assessment proceedings. The assessment order takes note of the fact that various details were called from assessee which were duly submitted and placed on record. These details include notes and explanations on the issues that came up for discussion during the course of hearing. It could be concluded that there was due application of mind by Ld. AO on the stated issue and the claim was admitted after due verification. Merely because the issue was not elaborately discussed in the quantum assessment could not be a ground to invoke revisional jurisdiction u/s 263 particularly when the details called for by Ld. AO were submitted and placed on record. Copies of documents / office note which formed the basis of invocation of jurisdiction was never supplied to the assessee. Assessee all along denied having made any such affidavit that aforesaid income was declared under Income Declaration Scheme, 2016. However, the copy of the affidavit, stated to be in assessment records, was never confronted to the assessee to controvert his submissions. Mere suspicion could not be a ground to invoke jurisdiction u/s 263. There is no adequate material on record which would demonstrate the fulfillment of both the conditions to demonstrate that the order was erroneous as well as prejudicial to the interest of the revenue.- Revisional jurisdiction u/s 263 could not be sustained - Decided in favour of assessee.
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