9911796707
TMI Blog2022 (9) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 case before us. AO had made adequate enquiries on the gain on sale of shares of Vishwajyoti Finance Ltd during the course of assessment proceedings, on which fact, there is no dispute before us. As stated supra, the ld. PCIT had not brought any evidence on record as to why the cost of such shares would not be allowable as deduction. PCIT had merely relied on the assessment order framed for the Asst Year 2014-15. We find that the reliance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e from salary, house property, profits and gains of business and profession and income from other sources. The assessee had filed her original return of income for the Asst Year 2015-16 on 29/10/2015 declaring total income of Rs 1,27,90,100/-. The return was selected for scrutiny. During the course of assessment proceedings, various queries were raised by the ld. AO on various details including the transactions of sale of shares of Vishwajyoti Finance Ltd. All the notices were duly replied by the assessee before the ld. AO. In respect of sale of shares 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he ld. PCIT nowhere states in his revision order that as to how the gain on sale of shares of Vishwajyoti Finance Ltd which has been offered to tax by the assessee in the return of income as 'income from business' and assessed as such by the ld. AO, is erroneous or wrong. Absolutely no finding given by the ld. AO in this regard. Moreover, the ld. PCIT does not state anywhere in his order as to why the purchase cost of shares would not be allowable as deduction while computing the income thereon. Without mentioning any of these facts, merely by placing reliance on the order passed by the ld. AO for Asst Year 2014-15, the ld. PCIT comes to the conclusion that the similar treatment ought to have been given by the ld. AO for Asst Year 2015-16 a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
