https://www.taxtmi.com/caselaws?id=395913 The tribunal allowed the appeal, reversing the PCIT-12, Kolkata's revision order due to lack of territorial jurisdiction and on merits. The AO's regular assessment was restored, emphasizing that necessary enquiries were conducted regarding long-term capital gains, deemed genuine. The tribunal highlighted that revision jurisdiction can only be exercised if the order is both erroneous and prejudicial to revenue, which was not the case here. The tribunal referenced previous decisions supporting the AO's actions and concluded that the PCIT's revision was not sustainable. en-us Wed, 10 Jun 2020 00:00:00 +0530 Sat, 13 Jun 2020 11:19:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395913 The tribunal allowed the appeal, reversing the PCIT-12, Kolkata's revision order due to lack of territorial jurisdiction and on merits. The AO's regular assessment was restored, emphasizing that necessary enquiries were conducted regarding long-term capital gains, deemed genuine. The tribunal highlighted that revision jurisdiction can only be exercised if the order is both erroneous and prejudicial to revenue, which was not the case here. The tribunal referenced previous decisions supporting the AO's actions and concluded that the PCIT's revision was not sustainable. Case-Laws Income Tax Wed, 10 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395913