https://www.taxtmi.com/caselaws?id=449336 ITAT Ahmedabad allowed the assessee's appeal against CIT's revision order u/s 263. The CIT had found the assessment erroneous claiming AO failed to properly inquire about loss on sale of preferential shares, noting discrepancies between balance sheet and income computation values. ITAT held no variance existed as CIT made improper comparisons between cost of acquisition and sale consideration. The assessee had properly accounted for all differences in the return. CIT also questioned lack of evidence regarding related party sales and ROC intimation, but failed to demonstrate how this would cause revenue prejudice. Regarding dividend from foreign company, ITAT found no error as assessee had properly returned it to tax, with facts clearly available in assessment records. The revision order was set aside. en-us Wed, 07 Feb 2024 00:00:00 +0530 Fri, 09 Feb 2024 10:17:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449336 ITAT Ahmedabad allowed the assessee's appeal against CIT's revision order u/s 263. The CIT had found the assessment erroneous claiming AO failed to properly inquire about loss on sale of preferential shares, noting discrepancies between balance sheet and income computation values. ITAT held no variance existed as CIT made improper comparisons between cost of acquisition and sale consideration. The assessee had properly accounted for all differences in the return. CIT also questioned lack of evidence regarding related party sales and ROC intimation, but failed to demonstrate how this would cause revenue prejudice. Regarding dividend from foreign company, ITAT found no error as assessee had properly returned it to tax, with facts clearly available in assessment records. The revision order was set aside. Case-Laws Income Tax Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449336