https://www.taxtmi.com/caselaws?id=400282 The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal, overturning the Principal Commissioner of Income Tax's (PCIT) revision order under Section 263. The ITAT reinstated the Assessing Officer's (AO) original assessment, determining it was not erroneous or prejudicial to the Revenue's interest. The ITAT concluded that the AO had conducted sufficient inquiries and accepted the Long-Term Capital Gains (LTCG) claim based on substantial evidence, emphasizing that suspicion alone was insufficient grounds for revision under Section 263. en-us Mon, 19 Oct 2020 00:00:00 +0530 Mon, 02 Nov 2020 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400282 The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal, overturning the Principal Commissioner of Income Tax's (PCIT) revision order under Section 263. The ITAT reinstated the Assessing Officer's (AO) original assessment, determining it was not erroneous or prejudicial to the Revenue's interest. The ITAT concluded that the AO had conducted sufficient inquiries and accepted the Long-Term Capital Gains (LTCG) claim based on substantial evidence, emphasizing that suspicion alone was insufficient grounds for revision under Section 263. Case-Laws Income Tax Mon, 19 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400282