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2020 (11) TMI 813 - ITAT JAIPURRevision u/s 263 - Bogus LTCG - Suspicious sale transaction in shares and exempt long term capital gains shown in return (Penny Stock Tab in ITS) - HELD THAT:- We find that the coordinate Bench of this Tribunal in the case of ITO vs. Shri Narayan Tatu Rane [2016 (5) TMI 1162 - ITAT MUMBAI], M/s. Arun Kumar Garg, HUF, [2019 (4) TMI 400 - ITAT DELHI] have ruled that the Pr. CIT can not pass the order u/s 263 of the Act on the ground that thorough enquiry should have been made by the Assessing Officer. See DG HOUSING PROJECTS LTD [2012 (3) TMI 227 - DELHI HIGH COURT] In the present case AO had given a specific notice regarding the disputed transactions and the assesseee also gave specific reply to the show cause notice issued by the assessing officer. Therefore, it is not a case where the assessing officer has not made any enquiry regarding impugned transactions but the Ld. Pr. CIT invoked the provisions of section 263 of the Act on the ground that the enquiry was not made in the manner, it ought to have been done. Ld. Pr. CIT himself ought to have made some enquiry regarding the impugned transactions before setting aside to the file of the assessing officer. Hence, the action of the Ld. Pr. CIT is contrary to the ratio laid down by the binding precedence. We, therefore, hold accordingly, impugned order is quashed. - Decided in favour of assessee.
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