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2022 (7) TMI 1155 - AT - Income TaxRevision u/s 263 - As during the assessment not only examined the issue of capital gain - HELD THAT:- The view adopted by the assessing officer was in accordance of the decision in CIT Vs Siddharth J. Desai (1981 (9) TMI 48 - GUJARAT HIGH COURT] and Madhabhai Patel (1993 (7) TMI 28 - GUJARAT HIGH COURT] so such assessment order cannot be branded as erroneous. Thus, the twin conditions as enunciated in section 263 cannot be said to be fulfilled in the present case. Again retreating the principal as laid down in Malabar Industrial Company Ltd (2000 (2) TMI 10 - SUPREME COURT] that when an assessing Officer adopted one of the courses permissible in law and it has resulted in loss of revenue, or where two views are possible and the assessing Officer has taken one view with which the Commissioner does not agree, it cannot be treated as an erroneous order prejudicial to the interests of the revenue unless the view taken by the Income-tax Officer is unsustainable in law. Thus, in view of the aforesaid factual and legal discussion, we are of the considered opinion that the revision order passed by ld. PCIT under section is not legally sustainable as the same is based on mere change of opinion, which we set aside. In the result, the substantial ground of appeal raised by the assessee is allowed. No contrary facts or law is brought to our notice to take other view. - Decided in favour of assessee.
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