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2022 (10) TMI 352 - AT - Income TaxRevision u/s 263 by CIT - As per CIT, AO has not applied his mind and allowed the capital gain offered by the assessee with a lessor consideration and without ascertaining the correct cost of acquisition and cost of indexation adopted - How assessment order is neither erroneous nor prejudicial to the interest of revenue? - HELD THAT:- There is no prejudicial to the interest of Revenue as for the present assessment year, as the assessee paid tax under the MAT provisions u/s. 115JB only and no tax payable under the normal provisions of the Income Tax Act because of carry forward losses. In our considered view, the present Revision proceedings itself is unjustifiable. It is not the case that the assessee declared the details during the assessment proceedings. The assessee has given the break-up of the entire sale consideration by its e-mail reply dated 27.07.2020. Similarly the Cost of Indexation of the property and the working thereon was also given by the assessee and the Cost Inflation Index is pertaining to the Financial Year 1997-98. After considering the above details, the Assessing Officer passed the assessment order which is neither erroneous nor prejudicial to the interest of Revenue. Therefore the Revision proceedings initiated by the Ld. PCIT u/s. 263 is hereby quashed. Thus the grounds raised by the assessee are hereby allowed.
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