TMI Blog2024 (2) TMI 1232X X X X Extracts X X X X X X X X Extracts X X X X ..... capital gain. A specific provision has been inserted in respect of unit linked insurance in section 45 of the Act, making it amenable to capital gain tax. Therefore, looking to the facts of the present case, no prejudice is caused to Revenue. We therefore, set aside the impugned order and restore the findings of AO. The grounds raised by the assessee in this appeal are allowed. - Shri Kul Bharat, Judicial Member And Shri Pradip Kumar Kedia, Accountant Member For the Appellant : Shri R.B.Mathur, CA For the Respondent : Shri Amitabh Kumar Sinha, CIT DR ORDER PER KUL BHARAT, JM By way of this present appeal, the assessee has challenged the correctness of the order passed by Ld. Pr. CIT, Noida dated 29.03.2022 for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Industrial Co Ltd v CIT 243 ITR 83 (SC)]. (4) On the facts and in the circumstances of the case, the Ld. PCIT has erred on facts and in law in passing the impugned Revision Order under section 263 even though the AO in this case had made enquiries in regard to securities/ Units of Bajaj Allianz by the AO, the appellant had given detailed explanation in that regard by a letter in writing. All these are part of the record of the case. Evidently, the claim was allowed by the AO on being satisfied with the explanation of the appellant. Such decision of the AO cannot be held to be erroneous simply because in his order he did not make an elaborate discussion in that regard. (5) On the facts and in the circumstances of the case, the L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which was not found acceptable to the Ld. Pr.CIT and he proceeded to revise the assessment u/s 263 of the Act. Thereby, Ld. Pr. CIT directed the AO to verify the difference of the amount of INR 13,71,696/- and pass assessment order afresh. 4. Aggrieved against the order of Ld. Pr. CIT, the assessee preferred appeal before this Tribunal. 5. Ld. Counsel for the assessee submitted that Ld. Pr. CIT failed to appreciate the facts in right perspective. Ld. Pr. CIT erroneously invoked the jurisdiction conferred on him u/s 263 of the Act. He contended that for invoking the provisions of section 263 of the Act, twin conditions i.e. orders sought to revised is erroneous so far it is prejudicial to the interest of Revenue, are to be satisfied. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isfied i.e. that order should be erroneous and prejudicial to the interest of the Revenue. If AO adopts one of the plausible views, in that event, no prejudice would be caused. In the present case, the assessee redeemed units of Bajaj Alliance and claimed it to be capital gain. A specific provision has been inserted in respect of unit linked insurance in section 45 of the Act, making it amenable to capital gain tax. Therefore, looking to the facts of the present case, no prejudice is caused to Revenue. We therefore, set aside the impugned order and restore the findings of AO. The grounds raised by the assessee in this appeal are allowed. 9. In the result, the appeal of the assessee is allowed. Order pronounced in the open Court on 23r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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