Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (4) TMI 91 - HC - Income TaxValidity of revisionary powers exercised by CIT u/s 263 exemption u/s 54F for LTCG on sale of shares granted by A.O. shares purchased on 21.04.2000 for Rs 19,536 sold on 02.05.2001 for Rs 6,36,640 increased price of more than 30 times in one year CIT suo-moto assumed jurisdiction on ground that AO failed to make any enquiry while accepting genuineness of the share transaction Tribunal set aside order of CIT Held that:- Jurisdiction u/s 263 in the present case has not been exercised merely on the ground that the A.O. should have gone deeper into the matter but by pointing out that the A.O. had failed to apply his mind in allowing the benefit u/s 54F by accepting the genuineness of the capital gain - Decided in favor of Revenue.
|