https://www.taxtmi.com/caselaws?id=342681 The Tribunal quashed the CIT's order passed under Section 263 of the Income Tax Act, 1961, and allowed the appeal. It found the assessment order was not erroneous or prejudicial to the revenue, as the AO had properly verified all details and sources of investments, transactions in shares and securities were correctly treated as capital gains, and discrepancies in stamp duty charges were explained satisfactorily. The Tribunal concluded that the CIT's directions for re-verification were unwarranted, upholding the AO's decision and dismissing the CIT's claims of illegality and prejudice. en-us Fri, 05 May 2017 00:00:00 +0530 Wed, 10 May 2017 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342681 The Tribunal quashed the CIT's order passed under Section 263 of the Income Tax Act, 1961, and allowed the appeal. It found the assessment order was not erroneous or prejudicial to the revenue, as the AO had properly verified all details and sources of investments, transactions in shares and securities were correctly treated as capital gains, and discrepancies in stamp duty charges were explained satisfactorily. The Tribunal concluded that the CIT's directions for re-verification were unwarranted, upholding the AO's decision and dismissing the CIT's claims of illegality and prejudice. Case-Laws Income Tax Fri, 05 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342681