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2022 (5) TMI 106 - AT - Income TaxRevision u/s 263 - claim of deduction u/s 54B - HELD THAT:- Perusal of the details furnished in respect of capital gain revealed that capital asset was held by the assessee for less than two years and deduction claimed under section 54B was therefore incorrectly claimed by the assessee. AO while framing the assessment order u/s 143(3) of the Act has not looked into this issue, which is erroneous and prejudicial to the interest of the Revenue. Therefore, a show cause notice under section 263 of the Act was issued on 12.1.2016 to the assessee. We find that this is the twelveth hearing of the matter before the Tribunal. None appeared on behalf of the assessee. Though adjournment application has again been filed, but no paper book has been filed by the assessee giving material for considering the stand of the assessee. We find that there was no infirmity in the order of the ld.Pr.CIT for invocation of power u/s 263 which, the ld.Pr.CIT set aside assessment order passed under section 143(3) as being erroneous and prejudicial to the interest of the Revenue and further direction to the AO to make a fresh assessment order. Even otherwise also, there is nothing before us to deviate from the view taken by the ld.Pr.CIT on this issue coupled with the fact that there is no assistance rendered by the assessee to adjudicate the issue involved in the ground raised before us without supporting evidences. As a consequence, the grounds raised by the assessee stand rejected - Decided against assessee.
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