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2021 (12) TMI 15 - AT - Income TaxRevision u/s 263 by CIT - assessee had earned long term capital gain which was offered under Income Disclosure Scheme–2016 (IDS) and tax due was paid - only reason for which learned PCIT has invoked his power under section 263 of the Act is, AO should have added back the purchase cost of the shares with alleged commission paid by the assessee for obtaining the entries relating to long term capital gain - HELD THAT:- The assessee had paid the purchase cost of shares through account payee cheque and the transaction was carried out through SEBI registered broker and on stock exchange platform. The assessee has furnished the contract note relating to purchase of shares as well as the bank statement showing the transaction made through banking channel. There is no material on record to suggest that the payment made of ₹ 2,00,000 through cheque towards purchase cost has been routed back to the assessee. There is nothing on record to suggest that the assessee has paid commission for obtaining accommodation entry. A reading of the impugned order passed under section 263 of the Act reveals that merely on presumption and surmises learned PCIT has assumed jurisdiction under section 263 of the Act. It is also evident, before the revisionary authority assessee has specifically stated that all relevant materials including evidence for payment made towards purchase cost were furnished before the AO. It cannot be said that the AO has not enquired into the issue. It could be a fact that after considering the materials available on record the AO was satisfied that the assessee had incurred the expenditure towards cost of the shares. That being a plausible view, cannot be termed as erroneous. Further, we find that the issue is squarely covered by the decision in case of Mrs. Manisha Ajay Shah [2020 (10) TMI 660 - ITAT MUMBAI]. As the assessment order cannot be held as erroneous and prejudicial to the interest of the revenue. Accordingly, we set aside the impugned order passed under section 263 - Decided in favour of assessee.
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