https://www.taxtmi.com/caselaws?id=397768 The tribunal upheld the Pr. CIT's invocation of Section 263 of the Income Tax Act, affirming that the AO's assessment order was erroneous and prejudicial to the revenue's interest. The AO failed to conduct necessary inquiries into the substantial share price increase and merger details, crucial for verifying the genuineness of the capital gains exemption claimed under Section 10(38). The tribunal dismissed the assessee's appeal, aligning with the Pr. CIT's determination that the AO's lack of investigation warranted revisionary action, referencing the precedent set in a similar case, thereby confirming the validity of the Pr. CIT's decision. en-us Fri, 21 Aug 2020 00:00:00 +0530 Tue, 05 Nov 2024 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397768 The tribunal upheld the Pr. CIT's invocation of Section 263 of the Income Tax Act, affirming that the AO's assessment order was erroneous and prejudicial to the revenue's interest. The AO failed to conduct necessary inquiries into the substantial share price increase and merger details, crucial for verifying the genuineness of the capital gains exemption claimed under Section 10(38). The tribunal dismissed the assessee's appeal, aligning with the Pr. CIT's determination that the AO's lack of investigation warranted revisionary action, referencing the precedent set in a similar case, thereby confirming the validity of the Pr. CIT's decision. Case-Laws Income Tax Fri, 21 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397768