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2014 (2) TMI 519 - HC - Income TaxPetition for quashing the Notice issued u/s 263 of the Act – Held that:- The Commissioner has stated that on perusal of the assessment records in the case of the appellant for the assessment year 2009-10 shows that the assessment was completed under Section 143(3) of the Act vide order dated 19.12.2011 - the immovable property sale proceeds were treated as Long Term Capital Gains instead of Short Term Capital Gain, which has resulted into an order which is prejudicial to the interests of revenue - The expression "resulted into an order which is prejudicial to the interest of revenue" has to be held to be sufficient for the purpose of invoking the power under Section 263 of the Act - the petitioner ought not to have approached the Writ Court at the stage of show cause notice - It is appropriate for the assessee to submit his reply to the notice and raise all the contentions available before the Assessing Authority – Decided against Assessee.
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