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2023 (8) TMI 25 - AT - Income TaxRevision u/s 263 by CIT - Addition u/s 68 - exempted u/s 10(38) denied - long-term capital gain shown by the assessee as arising from the sale purchase of the script of a penny stock company - 2nd round of litigation - HELD THAT:- AO during the original assessment proceedings has taken one of the possible views while framing the assessment under the provisions of section 143(3) of the Act. It is the settled position of law that any plausible view taken by the AO during the assessment proceedings cannot render the assessment order as erroneous insofar judicial to the interest of revenue. In holding so we draw support and guidance from the judgement of Embassy Brindavan Developers [2022 (10) TMI 1120 - KARNATAKA HIGH COURT]. All the necessary documents in support of the transactions carried out by the assessee have been duly furnished by the assessee before the authorities below. Thus we are of the view that there is no infirmity in the assessment order requiring the revision under the provisions of section 263 - Decided in favour of assessee.
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