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2021 (1) TMI 225 - AT - Income TaxRevision u/ 263 - assessee’s claim for exemption of LTCG u/s 10(38) not verified by AO - HELD THAT:- A.O had failed to verify the genuineness and correctness of the aforesaid share transactions and had rather summarily accepted the assessee’s claim for exemption of LTCG under Sec.10(38), therefore, the Pr. CIT remaining well within the realm of his jurisdiction as contemplated in the ‘Explanation 2(a)’ to Sec. 263 of the Act had rightly ‘set aside’ the assessment order with a direction to the A.O to frame the same afresh after affording an opportunity of being heard to the assessee. At this stage, we may herein observe that the Pr.CIT while directing as hereinabove, had however, inadvertently directed the A.O to disallow the assessee’s claim of exemption of LTCG under Sec. 10(38) of the Act. As the aforesaid direction of the Pr. CIT clearly militates against his direction to the A.O to pass a fresh assessment order in accordance with law after affording an opportunity of being heard to the assessee, therefore, to the said extent the same cannot be sustained and is expunged from the impugned order. We herein uphold the order passed by the Pr.CIT under Sec. 263 though subject to the modification stated hereinabove.
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