https://www.taxtmi.com/caselaws?id=399686 The Appellate Tribunal ITAT Mumbai allowed the appeal of the assessee, setting aside the Principal Commissioner's order under section 263 of the Income Tax Act. The Tribunal found the assessment by the Assessing Officer to be correct, emphasizing the genuineness of the purchase and sale transactions of shares. It concluded that the Principal Commissioner wrongly invoked revisional jurisdiction as the assessment was not erroneous or prejudicial to the revenue's interests. The Tribunal ruled in favor of the assessee, highlighting the lack of grounds to invoke section 263 in this case. en-us Wed, 14 Oct 2020 00:00:00 +0530 Fri, 16 Oct 2020 13:44:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399686 The Appellate Tribunal ITAT Mumbai allowed the appeal of the assessee, setting aside the Principal Commissioner's order under section 263 of the Income Tax Act. The Tribunal found the assessment by the Assessing Officer to be correct, emphasizing the genuineness of the purchase and sale transactions of shares. It concluded that the Principal Commissioner wrongly invoked revisional jurisdiction as the assessment was not erroneous or prejudicial to the revenue's interests. The Tribunal ruled in favor of the assessee, highlighting the lack of grounds to invoke section 263 in this case. Case-Laws Income Tax Wed, 14 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399686