Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (10) TMI 35 - ITAT MUMBAIRevision u/s 263 - As per CIT, assessee should not be allowed deduction for purchase price of shares as it was purchased from undisclosed income and the entire sale proceeds should have been declared by the assessee under IDS2016 and the AO has not made any enquiry on these aspects - HELD THAT:- A.O. has verified the facts of sale of shares and the IDS2016 opted by the assesee and took a possible view. We respectively fallow the judicial precedence of Mrs. Manisha Ajay Shah [2020 (10) TMI 660 - ITAT MUMBAI] and find that the order passed by the Pr.CIT cannot be sustained and is quashed and allow the grounds of appeal of the assessee.
|