JUDGMENT

(Prayer: Writ Petition filed under Article 226 of the Constitution of India, to issue aWrit of Certiorarified mandamus calling for the records of the 1st respondent in C.No.217/264/Pr.CIT-1/2017-18 and quash the impugned order dated 07.02.2019 and direct the 1st respondent in PAN:AAWFS0763Q pertaining to the assessment year 2012-13 for granting the deduction/tax exemption U/s.10(38) of the Act in the computation of taxable total income.)

1. The petitioner challenges order dated 07.02.2019, passed by the Principal Commissioner of Income Tax/R1 rejecting an application for revision filed under Section 264 of the Income Tax Act, 1961 (in short 'Act') for assessment year 2012-13 filed on the ground of delay as well as on the merits of the matter.

2. The petitioner had filed a return of income within time wherein it claims to have inadvertently failed to seek exemption under Section 10 (38) of the Act in respect of shares sold in the stock exchange through recognised stock exchange brokers.

3. In fact, the claim of exemption, according to the petitioner, is in order insofar as the required security transaction tax has been paid and hence the entire capital gain is exempt in terms o