https://www.taxtmi.com/caselaws?id=377956 The Tribunal allowed the appeal against the order passed under section 263 of the Income Tax Act, finding that the original assessment order was not erroneous or prejudicial to revenue. It held that the Assessing Officer had conducted proper inquiries regarding long-term capital gains on shares, and the Pr.CIT's invocation of Explanation 2 to section 263 was deemed incorrect. The Tribunal emphasized that the Pr.CIT must undertake independent inquiries and that Explanation 2 is not retrospective. As a result, the revisionary powers invoked by the Pr.CIT were quashed, and the original assessment order stood. en-us Tue, 08 Jan 2019 00:00:00 +0530 Sat, 06 Apr 2019 06:02:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377956 The Tribunal allowed the appeal against the order passed under section 263 of the Income Tax Act, finding that the original assessment order was not erroneous or prejudicial to revenue. It held that the Assessing Officer had conducted proper inquiries regarding long-term capital gains on shares, and the Pr.CIT's invocation of Explanation 2 to section 263 was deemed incorrect. The Tribunal emphasized that the Pr.CIT must undertake independent inquiries and that Explanation 2 is not retrospective. As a result, the revisionary powers invoked by the Pr.CIT were quashed, and the original assessment order stood. Case-Laws Income Tax Tue, 08 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377956