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2020 (11) TMI 37 - ITAT KOLKATA
Revision u/s 263 - assessee had claimed sec. 10(38) LTCG/LTCL claimed after transferring shares hold in M/s Kailash Auto Finance Ltd. - As per CIT said LTCG/Loss had been derived from share transactions sale-price in penny stock which rendered the assessment accepting the same as correct to be to erroneous causing prejudice to the interest of the Revenue - lack of inquiry OR erroneous enquiry - HELD THAT:- It is not in dispute that the assessee had filed all the supportive detailed evidence forming part of the assessment records. PCIT is also equally fair in not treating the impugned assessment as a case of the former limbs of lack of inquiry but he holds that it is an erroneous decision on Assessing Officer’s part treating the gains / loss as genuineness as causing prejudice to the interest of the Revenue. We notice in these circumstances that this tribunal’s coordinate bench’s decision in batch of appeals M/s Gitash Tikmani, HUF [2019 (9) TMI 1177 - ITAT KOLKATA] has reversed the PCIT’s similar exercises of revisional jurisdiction
We adopt foregoing detailed discussion mutatis mutandis to reverse the PCIT’s impugned revision order treating the regular assessment framed in the instant case as an erroneous and causing prejudice to interest of the Revenue. The said regular assessment stands restored as the necessary corollary.