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2024 (1) TMI 498 - HC - Income TaxValidity of Revision u/s 263 - as per CIT wrong computation of the income by AO under the head Capital Gain by treating the net capital gain to be LTCG, ignoring the provisions of Section 50 - Tribunal setting aside the order u/s. 263 - HELD THAT:- AO might have committed an error while computing the assessment order but in fact, the Tribunal has considered this aspect in detail and has held that there is no finding of any error by the PCIT in the order of the Assessing Officer with respect to the issue involved as the assessee claimed the set off of long-term capital loss while offering short-term capital gain in accordance with law which has remained un-controverted even by the departmental representative as well as the appellant. Tribunal has therefore, rightly come to the conclusion that the PCIT would not have any jurisdiction to invoke the powers under section 263 since the findings of error is essential for invoking such power and AO taking a plausible view in the matter, the assessment order cannot be said to be erroneous so as to cause prejudice to the Revenue. Considering the reasons assigned by the Tribunal for allowing the appeal filed by the assessee challenging the order u/s 263 we do not find any infirmity in the same and accordingly, no question of law much less any substantial question of law can be said have arisen.
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