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TMI Blog2022 (9) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... in ITA No.987/Mum/2021 for A.Y.2015-16 preferred by the order against the revision order of the ld. Pr. Commissioner of Income Tax-Mumbai-20, u/s.263 of the Act dated 12/02/2021 for the A.Y. 2015-16. 2. The only issue to be decided in this appeal is as to whether the ld. PCIT was justified in directing the ld. AO to treat the sale proceeds of shares as unexplained cash credit u/s 68 of the Act b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res of Vishwajyoti Finance Ltd, the assessee stated before the ld. AO that she had offered the gain on sale of those shares as income from business in the return of income filed for the Asst Year 2015-16. The assessment was completed u/s 143(3) of the Act on 16.11.2017 accepting the returned income of the assessee. This assessment was sought to be revised by the ld. PCIT u/s 263 of the Act by trea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd complete enquiries regarding the sale of shares of Vishwajyoti Finance Ltd and gain made thereon. The entire computation of gains on sale of such shares were indeed filed before the ld. AO by the assessee. We find that the ld. PCIT does not comment on the aspect of adequate enquiries having already carried out by the ld. AO on the impugned issue despite bringing the said fact to his attention b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n given by the ld. AO for Asst Year 2015-16 also. This in our considered opinion, is not the proper method for assuming revisionary jurisdiction u/s 263 of the Act. We also find that Explanation 2 to Section 263 of the Act has also not been invoked by the ld. PCIT in the instant case and hence we do not deem it fit to get into the applicability of the said Explanation to the facts of the present c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nformation obtained in earlier scrutiny assessment year. We hold that the ld. AO on examination of all the details filed before him, had taken a plausible view on the issue. Hence we have no hesitation in quashing the revision order passed by the ld. PCIT u/s 263 of the Act in the facts and circumstance of the instant case. Accordingly, the grounds raised by the assessee are allowed. 6. In the re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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