https://www.taxtmi.com/caselaws?id=420080 The Tribunal overturned the Principal Commissioner of Income Tax's revisionary order under section 263 of the Income Tax Act, finding that the Assessing Officer had duly examined all necessary evidence and taken a plausible view. The Tribunal held that the PCIT's exercise of revisionary powers was invalid as the AO's assessment was based on the evidence provided by the assessee and was not erroneous or prejudicial to the revenue's interest. Consequently, the Tribunal allowed the assessee's appeal, quashing the PCIT's revisionary jurisdiction regarding the penny stock loss issue and upholding the validity of the AO's assessment. en-us Fri, 10 Dec 2021 00:00:00 +0530 Sat, 26 Mar 2022 08:59:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420080 The Tribunal overturned the Principal Commissioner of Income Tax's revisionary order under section 263 of the Income Tax Act, finding that the Assessing Officer had duly examined all necessary evidence and taken a plausible view. The Tribunal held that the PCIT's exercise of revisionary powers was invalid as the AO's assessment was based on the evidence provided by the assessee and was not erroneous or prejudicial to the revenue's interest. Consequently, the Tribunal allowed the assessee's appeal, quashing the PCIT's revisionary jurisdiction regarding the penny stock loss issue and upholding the validity of the AO's assessment. Case-Laws Income Tax Fri, 10 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420080