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        Case ID :
        Income Tax

        The Calcutta High Court reviewed a case involving a revision u/s...

        Court Upholds Tax Commissioner's Decision on Bogus Share Transactions, Reinstates Section 263 Order for Revenue Protection.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The Calcutta High Court reviewed a case involving a revision u/s 263 regarding the addition u/s 68 for a purportedly bogus claim of exemption of Long Term Capital Gain from the sale of shares of a penny stock. The Principal Commissioner of Income Tax (PCIT) found the assessment to be prima facie erroneous and prejudicial to revenue, leading to the issuance of a show cause notice. The PCIT independently evaluated the assessment records, concluding that the assessing officer should have treated the credit as bogus and disallowed the exemption u/s 10(38). The High Court differentiated this case from a previous ruling involving Sinhotia Metals and Minerals Pvt. Ltd., emphasizing that the PCIT's decision was valid in this context. The Court overturned the Tribunal's decision, reinstating the PCIT's order u/s 263.
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