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2021 (8) TMI 1024 - AT - Income TaxRevision u/s 263 - long-term capital loss - HELD THAT:- Documentary evidence placed on record clearly establish that even though the claim of the assessee for long-term capital loss was allowed by the AO only to the extent of ₹ 1,19,29,790/-, even the said loss to the extent allowed in the assessment was not allowed to be carried forward by the AO to the subsequent years as per the computation sheet annexed to the assessment order. Even the ld. CIT(DR) has not been able to rebut or controvert this position which is clearly evident from the assessment order passed by the Assessing Officer under section 143(3) read with computation sheet annexed thereto and further corroborated by the application filed by the assessee under section 154 before the Assessing Officer and the appeal filed before the ld. CIT(Appeals). We, therefore, find merit in the contention of the ld. Counsel for the assessee that there was no error in the order of the Assessing Officer dated 28.12.2018 passed under section 143(3) in allowing to carry forward the entire long-term capital loss claimed by the assessee instead of ₹ 1,19,29,790/- only allowed in the assessment order, as alleged by the ld. Principal CIT in his impugned order. The order passed by the Assessing Officer under section 143(3) thus was not erroneous as well as prejudicial to the interest of the revenue and the ld. Principal CIT, in our opinion, was not justified in revising the same vide his impugned order passed under section 263. We, therefore, set aside the order passed by the ld. Principal CIT under section 263. Appeal of the assessee is allowed.
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