9911796707
TMI Blog2023 (6) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... material available on record to suggest that the AO has enquired into the issues, for which, the case was selected for limited scrutiny. NO infirmity in the order passed u/s. 263 - Decided against assessee. - ITA No. 1105/Del/2022 - - - Dated:- 29-5-2023 - Shri G.S. Pannu, President And Shri Saktijit Dey, Judicial Member For the Assessee : None For the Revenue : Ms. Sapna Bhatia, CIT-DR ORDER PER SAKTIJIT DEY, J.M.: This is an appeal by the assessee against order dated 22.03.2022 passed under section 263 of the Income-tax Act, 1961 by learned Principal Commissioner of Income-tax (PCIT)-1, Delhi pertaining to the assessment year 2017-18. 2. When the appeal was called out, no one appeared for the assessee. Ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sold 7,50,000 shares of M/s. Cirracore LLC Georgia USA through agreement dated 15.12.2016 and earned long term capital gain of Rs.3.34 crores. He further observed that while computing long term capital gain, the assessee has stated that the units were allotted as ESOP for nil consideration. In the return of income, the assessee had claimed that entire long term capital gain was invested in a residential flat. Hence, deduction was claimed u/s. 54F of the Act. On examining the record, ld. PCIT found various deficiencies in the sale agreement of ESOP as well as various other issues. He observed that the Assessing Officer had not examined the audited balance sheet of the companies, whose shares were claimed to have been sold. He observed, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncontroverted before us, as the assessee has neither appeared nor filed any submission to demonstrate that the assessment order is neither erroneous nor prejudicial to the interest of revenue in terms of section 263 of the Act. On perusal of the assessment order subjected to revisionary proceedings, it is noticed that assessee s case was selected for limited scrutiny only for the purpose of examining large deductions/exemption claimed under various provisions including section 54F of the Act. There is nothing either in the body of assessment order or any other material available on record to suggest that the Assessing Officer has enquired into the issues, for which, the case was selected for limited scrutiny. In view of the aforesaid, we do ..... X X X X Extracts X X X X X X X X Extracts X X X X
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