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2015 (10) TMI 2588 - ITAT CHANDIGARHRevision u/s 263 - reliance on audit objections - capital gains - Held that:- The Assessing Officer has made enquiry with regard to investments in shares and mutual funds at assessment stage and assessee vide his reply dated 07.12.2010 offered the amount for taxation on account of capital gains. Therefore, it is not a case of no enquiry on capital gains by Assessing Officer. Therefore, the reasons given by the CIT in the impugned order are wholly unjustified for invoking jurisdiction under section 263 of the Act. Thus, the CIT did not assume the jurisdiction under section 263 in accordance with law and cannot substitute his opinion against opinion expressed by the Assessing Officer in the assessment order. Therefore, there is no justification to sustain the impugned order under section 263 of the Act. We, accordingly, set aside and quash the order under section 263 of the Act and restore the assessment order under section 143(3) of the Act dated 16.12.2010. - Decided in favour of assessee.
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