https://www.taxtmi.com/caselaws?id=757957 ITAT Delhi allowed the assessee's appeal against revision u/s 263. The PCIT had issued show cause notice alleging errors in capital gains computation regarding cost of improvement and non-application of Section 50C provisions. The ITAT held that despite the AO passing a cryptic, non-speaking order, proper enquiry was conducted during original assessment proceedings on indexed cost of acquisition and improvement. The AO had verified issues raised by PCIT and addressed assessee's submissions. The ITAT ruled that once queries are raised during assessment and replied to by assessee, it indicates the AO's consideration of those matters, making detailed discussion in the order unnecessary. en-us Wed, 14 Aug 2024 00:00:00 +0530 Wed, 04 Sep 2024 16:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757957 ITAT Delhi allowed the assessee's appeal against revision u/s 263. The PCIT had issued show cause notice alleging errors in capital gains computation regarding cost of improvement and non-application of Section 50C provisions. The ITAT held that despite the AO passing a cryptic, non-speaking order, proper enquiry was conducted during original assessment proceedings on indexed cost of acquisition and improvement. The AO had verified issues raised by PCIT and addressed assessee's submissions. The ITAT ruled that once queries are raised during assessment and replied to by assessee, it indicates the AO's consideration of those matters, making detailed discussion in the order unnecessary. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757957