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2022 (10) TMI 648 - AT - Income TaxRevision u/s 263 by CIT - Direction to AO to consider the capital gain for an amount as Short Term Capital Gain - HELD THAT:- Before us, assessee first of all argued that the AO has examined the entire issue and he took us through the assessment order wherein the AO has considered the claim of capital gains exemption u/s. 54 of the Act and the entire discussion in the assessment order is as regards to this capital gain only. Assessee stated that the AO has raised queries and assessee vide letter dated 23.06.2017 submitted complete details. Relevant details filed by the assessee before AO during original assessment proceedings that the AO has examined the complete details before passing a speaking order on the very issue. From the assessment order, it can be gathered that the AO has formed an opinion and a view is taken which is one of the possible view. Admittedly, the assessee purchased one property at Medavakkam Main Road in 1998 for a sum which includes the building cost. Before construction of residential house on this property, the assessee has to demolish this building and accordingly, the building was demolished in 2012 but assessee has purchased this land along with residential building. Hence, it cannot be a case of Short Term Capital Gain as directed by PCIT. Therefore, we find no infirmity in the order of AO accepting the Long Term Capital Gain declared by assessee. Hence, we reverse the revision order and allow the appeal of assessee.
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