Held, that out of 100 per cent. sale consideration 95.36 per cent. was offered as capital gains and the claim of the assessee was less than 5 per cent. Thus, the Assessing Officer could not find any further fault when he had already disallowed the cost which in his opinion was not supported by documentary evidence and the Assessing Officer had already verified the issues which the Principal Commissioner had pointed out. Therefore, the order of the Assessing Officer was to be restored. Revision was quashed. (AY.2016-17)
Hindustan Sales Industrial Corporation v. PCIT (2022)100 ITR 126 (Jaipur) (Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Long-term capital gains-Assessing Officer applied his mind in the course of assessment proceedings-Revision was not valid. [S. 45, 143(3)]