Tax Tribunal Supports Assessee: No Error Found in Preferential Shares Sale Assessment After Explanation Provided.

Revision u/s 263 - sale of preferential shares - PCIT noted a discrepancy between the value of shares sold as per the audited balance sheet and the value declared in the income computation sheet. - The tribunal noted that, the assessee had gone on to explain even this difference between sale consideration and cost of acquisition to have been duly considered and accounted for in the return of income. - Accordingly the ITAT held that, we completely agree with assessee that there was no error in the assessment order on account of non-inquiry/inadequate inquiry relating to the issue of preferential shares sold during the year. .....

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