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2022 (3) TMI 761 - AT - Income TaxRevision u/s 263 by CIT - assessee was reopened assessment u/s 147 r.w.s 148 of the Act mainly to examine the issue of long term capital gain resulting from the sale consideration - HELD THAT:- In this case the AO has examined the issue of sale of shares and the resultant capital gain accruing there from during re-assessment proceedings by issuing various notices under section 142(1) as stated above and the assessee has duly replied and filed all the evidences. We note that assessee has even filed a detailed reply to the show cause notice dated 20.12.2017 as stated above and AO has accepted the claim of the assessee as genuine - we do not find any reason as to why the jurisdiction exercised by the Ld. PCIT under section 263 of the Act is valid as the AO, after examining the issue in detail, has taken one of the possible views on the matter. This is not a case of wrong appreciation of facts or wrong application of law by the AO. We find that the mere fact that AO has not elaborated the issue in the assessment order would not entitle the Ld. PCIT to exercise jurisdiction under section 263 of the Act and the case of the assessee is supported by the decision of Hon’ble Bombay High Court in the case of CIT vs. Gabriel India Ltd.[1993 (4) TMI 55 - BOMBAY HIGH COURT] wherein the Hon’ble Bombay High Court has held that the PCIT can not invoke the jurisdiction under section 263 of the Act merely on the ground that AO did not discuss the issue in the assessment order which indicated non application of mind as claim of the assessee required to be examined. - Decided in favour of assessee.
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