COMMISSIONER OF INCOME TAX Vs. PARASMAL JAIN

JUDGEMENT

(1.) THIS appeal has been preferred by the Revenue under S. 260A of the IT Act, 1961 against the order of the Tribunal, Gauhati Bench, Guwahati dt. 22nd Aug., 2007 passed in ITA No. 92/Gau/2006 for the asst. yr. 2004-05.

(2.) IN the course of assessment for the assessment year in question, the AO allowed the claim of the assessee for long-term capital gain under S. 54F of the Act which arose from sale of 4,000 shares. The shares were purchased on 26th Sept., 2002 @ Rs. 5.52 per share and the same were sold on 18th Dec., 2003 @ Rs. 99.50 per share.

(3.) ON appeal by the assessee, the Tribunal set aside the revisional order on the ground that there were as many as seven hearings before the AO and the AO scrutinized the details. In such circumstances, the exercise of jurisdiction under S. 263 of the Act was not called for.