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2022 (3) TMI 1118 - AT - Income TaxRevision u/s 263 - case of the assessee was selected for scrutiny through CASS - Allowability of loss of penny stock - HELD THAT:- Perusal of records produced before us that the AO has specifically called for details of purchase and sale of shares during the original assessment proceedings and the assessee has furnished the details of sale and purchase of shares, proofs payment of STT, copy of DMat statement, copy of bank statement evidencing the payment for purchase of shares and receipt of sale consideration into the assessee’s bank account through banking channels. We note that the AO has framed the assessment only after taking into account the above aforesaid details. Therefore, simply because the order does not speak or discuss about the loss on sale of shares should not be taken to mean that AO has not examined the details by the assessee or has not applied his mind to the details and there was complete lack of enquiry. In opinion the AO has take a possible view after taking into account the evidences filed by the assessee which are part of records and therefore the Ld. PCIT has no power to revise the assessment on the ground of lack of enquiry. In our considered view this is not a case of wrong assumption of facts or incorrect application of law and therefore the revisionary powers have been invalidly exercised. PCIT cannot exercise the jurisdiction u/s 263 of the Act where the AO has taken a plausible view on the basis evidences filed by the assessee which is not contrary to law and facts. - Decided in favour of assessee.
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