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2020 (12) TMI 1067 - AT - Income TaxRevision u/s 263 - Long term capital gain as earned on sale of shares and claimed exempt under section 10(38) - HELD THAT:- Assessee had filed return of income on 31.10.2015 declaring total income of ₹ 7,39,910/-. The case of the assessee was picked up for scrutiny assessment and the assessment was concluded by accepting the return of income so declared. It would be pertinent to examine the action taken by the Assessing Officer during the assessment proceedings. Assessing Officer issued a show cause to the assessee along with questionnaire. The assessee in response there to filed a detailed submission. As stated that the statement of the assessee u/s 131 of the Act was also recorded by the Assessing Officer. Ld. Counsel drew our attention to the statement of assessee enclosed at Paper Book pages 21 to 24. The assessee had replied to questions, it was stated that the shares were sold through exchange. Hence, it is not a case where no enquiry was conducted. In fact from the material placed before us suggests some application of mind, by Assessing Officer. Admittedly, the Ld. Pr. CIT in the impugned order has recorded the factum collection of evidence and recording of statement. Action of the Ld. PCIT revising the assessment order under the peculiarity of the facts and circumstances of the case cannot the sustained. The impugned order is therefore, set aside and the grounds raised by the assessee in this appeal are allowed.
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