2022 (9) TMI 190

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.... PER M. BALAGANESH (A.M): This appeal in ITA No.987/Mum/2021 for A.Y.2015-16 preferred by the order against the revision order of the ld. Pr. Commissioner of Income Tax-Mumbai-20, u/s.263 of the Act dated 12/02/2021 for the A.Y. 2015-16. 2. The only issue to be decided in this appeal is as to whether the ld. PCIT was justified in directing the ld. AO to treat the sale proceeds of shares as....

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....e before the ld. AO. In respect of sale of shares of Vishwajyoti Finance Ltd, the assessee stated before the ld. AO that she had offered the gain on sale of those shares as income from business in the return of income filed for the Asst Year 2015-16. The assessment was completed u/s 143(3) of the Act on 16.11.2017 accepting the returned income of the assessee. This assessment was sought to be revi....

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....s not in dispute that the ld. AO had made full and complete enquiries regarding the sale of shares of Vishwajyoti Finance Ltd and gain made thereon. The entire computation of gains on sale of such shares were indeed filed before the ld. AO by the assessee. We find that the ld. PCIT does not comment on the aspect of adequate enquiries having already carried out by the ld. AO on the impugned issue d....

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....ion that the similar treatment ought to have been given by the ld. AO for Asst Year 2015-16 also. This in our considered opinion, is not the proper method for assuming revisionary jurisdiction u/s 263 of the Act. We also find that Explanation 2 to Section 263 of the Act has also not been invoked by the ld. PCIT in the instant case and hence we do not deem it fit to get into the applicability of th....