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2019 (7) TMI 135 - HC - Income TaxRevision u/s 263 - exemption claimed u/s 10(38) of the LTCG from the sale of shares of Radford Global Ltd. - AO during assessment proceedings not only asked to furnish all relevant documents pertaining to the investment but also called copies of the assessment orders for immediately preceding three years including AY 2012-13, wherein the assessee made investments - whether A.O. has passed the assessment order without making inquiries/verification in the light of the survey report which should have been made ? - HELD THAT:- The assessee being dissatisfied with the order passed by the CIT preferred an appeal before the Appellate Tribunal. Tribunal took the view that the CIT while holding that the assessment order was erroneous in exercise of its power u/s 263 ought to have indicated that the conclusion or findings recorded by the AO were either not based on correct facts or the order had been passed in breach of the provisions of the Act or revision made thereunder. Tribunal took the view that the CIT had not undertaken any such exercise reaching to the conclusion that the assessment order was erroneous and prejudicial to the interest of the Revenue. In short, on the facts and materials on record, the Appellate Tribunal recorded a finding that the PCIT was not correct and justified in issuing notice u/s 263 and also was not justified in passing the order revising the assessment order. No error not to speak of any error of law could be said to have been committed by the Tribunal in passing the impugned order. In our opinion, none of the two questions formulated in the memorandum of the Tax Appeal could be termed as substantial questions of law. The matter is more on facts. We would not like to disturb the findings recorded by the Appellate Tribunal. The Appellate Tribunal is the last fact finding authority. Having regard to the scope of appeal under Section 260-A of the Act, we would not like to disturb the findings of fact arrived at by the Appellate Tribunal.
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