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2021 (5) TMI 918 - AT - Income TaxRevision u/s 263 - assessee has been selected for limited scrutiny on two grounds viz. verification of Purchase of property and verification of deduction claimed under the head capital gain and expanding the scope of scrutiny by the way of order u/s 263 - HELD THAT:- As gone through the notice issued by the revenue dated 29.07.2016 wherein the AO mentioned that two issues have been identified for examination which are verification i.e. purchase of property and verification of deduction claimed under the head capital gain. We find that the complete details pertaining to both the issues have been examined by the AO and the replies of the assessee along with the details of sale of shares, confirmation of the parties, bank statements, purchase of property, registration document and deduction u/ s 54F claimed. The entire details of the said two transactions which are the subject matter of scrutiny have been duly provided and examined by the AO and duly accepted after examination and verification. We find that the deduction claimed u/s 54 F was ₹ 6,12 ,10 ,100/- whereas the deduction eligible was ₹ 6,11,19 ,500/-. Thus, there is a computational difference of ₹ 90,600 /- in the claim of deduction u/s 54 F which could have been rectified u/s.154. The provisions of section 263 need not be invoked for computational error for which other provisions of the Act are fairly sufficient. The directions of the ld. PCIT which are beyond the selection criteria of scope of scrutiny for the instant year cannot be held to be legally valid. Appeal of the assessee is allowed.
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