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2022 (5) TMI 39 - AT - Income TaxRevision u/s 263 by CIT - scope of enquiry under Explanation 2(a) to section 263 - Validity of order was passed u/s 153A of the Act r.w.s. 143(3) - AO is directed to verify/examine the claim of exemption u/s. 10(38) of the Act in respect of long term capital gain from the sale of shares of "Look Health Care Service Ltd - HELD THAT:- After consideration of material placed on record, Ld. AO allowed claim of exemption on sale of shares of M/s Looks Health Care services Ltd. u/s 10(38) of the Act. Now on the issue that the Ld. AO passed a cryptic order and did not discuss in detail regarding assessee’s claim of the allowability of exemption u/s 10(38) of the Act on sale of shares of M/s Looks Health Care services Ltd, in our view it is a well settled position of law that if from the assessment records, it is evident that the Ld. AO has made due enquiries in response to which assessee has filed detailed submissions, then even if the assessment order does not discuss all aspects in detail with regards to claim of the assessee, it cannot be held that the order is erroneous and prejudicial to the interests of the Revenue. The above proposition has been upheld in the case of CIT v. Reliance Communication [2016 (4) TMI 173 - BOMBAY HIGH COURT], Smt. Anupama Bharat Gupta [2021 (4) TMI 1000 - ITAT AHMEDABAD], Goyal Private Family Specific Trust [1987 (10) TMI 43 - ALLAHABAD HIGH COURT], CIT v. Mahendra Kumar Bansal [2000 (2) TMI 10 - SUPREME COURT]. We thus find no error in the order of Ld. AO so as to justify initiation of 263 proceedings by the Ld. Pr. CIT. The Ground of appeal raised by the assessee is thus allowed.
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