TMI Blog2022 (12) TMI 387X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to LTCL which is to be carry forward for set off in subsequent years. It is pertinent to point out that the ld. CIT(A) has passed the impugned order by placing reliance on the decision of the co-ordinate bench [ 2021 (5) TMI 791 - ITAT MUMBAI] which has quashed the order passed u/s. 263 on the ground that the assessment order passed u/s.143(3) was made after elaborate enquiry conducted by the A.O. based on which a possible view was taken, wherein the A.O. has stated that there was no misrepresentation of the facts by the assessee. Co-ordinate bench had held that the assessee has furnished all evidences and that section 263 proceeding was only based on borrowed satisfaction, i.e., audit objection and not on independent application of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the order passed u/s.263 of the Act by the ld. CIT(A) by relying on the decision of the co-ordinate bench in the assessee s case for A.Y. 2013-14 in ITA No. 1964 of 2019. The Revenue has also challenged the order of the ld. CIT(A) which has relied on the decision of the co- ordinate bench, pertaining to the transaction which is not a transfer within the meaning of provisions of section 47 of the Act, wherein the impugned transaction does not satisfy the mandatory condition of the charging provisions of section 47 of the Act. 3. The brief facts are that the assessee company M/s. Aditya Birla Housing Finance Limited (ABHFL) got amalgamated with Grasim Industries Ltd. w.e.f. 01.07.2017, filed its return of income dated 28.11.2013, declarin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... res of ABNL IT ITES Limited and sale of shares on 14.03.2013 vide the ld. PCIT s order dated 27.03.2019. The ld. AO passed the assessment order u/s.143(3) r.w.s. 263 of the Act dated 21.12.2019, wherein the claim of LTCL on sale of equity shares of ABNL was disallowed. Parallelly, the assessee company was in appeal before the co-ordinate bench in ITA No. 1964/Mum/2019 as against the order u/s. 263. The co-ordinate bench has quashed the order passed by the ld. Pr. CIT u/s.263 of the Act on the following grounds: (i) Adequate enquiries were carried out by the A.O. in the original assessment proceedings (ii) A possible view has been taken by the A.O. on the issue of LTCL on the facts of the (iii) The revision proceedings u/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A) has allowed the claim of the assessee, pertaining to LTCL amounting to Rs.267,17,81,942/- which is to be carry forward for set off in subsequent years. It is pertinent to point out that the ld. CIT(A) has passed the impugned order by placing reliance on the decision of the co-ordinate bench in ITA No. 1964/Mum/2019, pertaining to A.Y. 2013-14, which has quashed the order passed u/s. 263 on the ground that the assessment order passed u/s.143(3) was made after elaborate enquiry conducted by the A.O. based on which a possible view was taken, wherein the A.O. has stated that there was no misrepresentation of the facts by the assessee. Further, the co-ordinate bench had held that the assessee has furnished all evidences and that section 26 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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