TMI Blog2020 (11) TMI 215X X X X Extracts X X X X X X X X Extracts X X X X ..... ngly computed the indexed cost of improvement with respect to the property and accordingly, after revision of the computation, the long term capital loss was reduced to NIL. In the revision order, after considering the explanations of the assessee, PCIT has not disputed the computation of indexed cost of improvement as well as investment in bond and claiming exemption under section 54 of the Act or given any findings as to what is required to be verified by the Assessing Officer and what way the assessment order is prejudicial to the interest of Revenue. Revision order passed under section 263 of the Act stands quashed and sustains the assessment order. - Decided in favour of assessee. - I.T.A. No. 1201/Chny/2019 - - - Dated:- 29-10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mplete the reassessment after carrying out verification into the computation of capital gains and the exemption claimed under section 54 of the Act. 4. On being aggrieved, the assessee is in appeal before the Tribunal. By reiterating the submissions as made before the ld. PCIT, the ld. Counsel for the assessee has submitted that the specific issue sought to be reconsidered was actually considered by the Assessing Officer while passing the assessment order under section 143(3) of the Act. Moreover, in the order passed under section 263 of the Act, ld. PCIT has not point out any specific issue sought to be reconsidered by the Assessing Officer, which he was not considered and therefore, on mere presumption, the ld. PCIT passed the revision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee and the submissions are reproduced as under: We are submitting computation of total income Account copy of improvement of property at Yercaud for your kind perusal. The above improvement of property was done at various date which is reflected in the Account copy. The total cost of construction was Rs. 20,15,000/- and indexation cost was Rs. 22,58,383/- Net indexation benefit was only Rs. 2,43,383/- which was invested in bond exemption claimed u/s. 54. This information as produced before Assessing Officer in the course of hearing the Assessing Officer had examined the issue and discussed the same in assessment order. Hence, the order cannot be said erroneous and prejudicial to the interest of revenue on differen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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