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2022 (12) TMI 1280 - AT - Income TaxRevision u/s 263 - assessee had claimed exemption u/s.54F of the Act against the long term capital gain arising on sale of shares and the said claim had been accepted by the Assessing Officer - HELD THAT:- We notice that the assessee has specifically state that the sale deed is not registered and the AO was very much aware of it. From the queries and replies mentioned above, we are of the view that the AO has conducted proper enquiries and taken a decision. Whether the decision taken by the AO can be considered as a plausible view? - As in case SURESHCHANDRA AGARWAL VERSUS INCOME-TAX OFFICER, WARD 20 (3) (3) [2011 (9) TMI 243 - ITAT MUMBAI] Tribunal has expressed the view that the requirement of registration is not there for construing the meaning of “transfer” u/s 2(47)(v) of the Act. Thus the above said decision is contrary to the view expressed by Ld PCIT in the impugned revision order, meaning thereby, the view taken by the AO should be considered as one of the possible views. In the case of Malabar Industrial Company [2000 (2) TMI 10 - SUPREME COURT] has held that, if the AO has taken one of the possible views, then the assessment order cannot be considered to be prejudicial to the interests of revenue merely for the reason that the Ld PCIT has got different view on the very same matter. Hence the impugned revision order is liable to be quashed on this ground alone. Thus we are unable to sustain the impugned revision order passed by Ld PCIT - Decided in favour of assessee.
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