https://www.taxtmi.com/caselaws?id=420790 ITAT Nagpur held that the reassessment framed by the AO under s.147 r.w.s.143(3) was founded on misconceived reasons and thus amounted to a non-est assessment lacking jurisdiction. The AO had failed to verify share purchase/sale records and demat entries underpinning alleged bogus LTCG, yet accepted the returned income in the reassessment order. Because the reassessment itself was invalid, the Pr. CIT had no power under s.263 to revise or validate it. The revisional order was set aside and the assessee's appeal allowed. en-us Wed, 06 Apr 2022 00:00:00 +0530 Sat, 20 Sep 2025 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420790 ITAT Nagpur held that the reassessment framed by the AO under s.147 r.w.s.143(3) was founded on misconceived reasons and thus amounted to a non-est assessment lacking jurisdiction. The AO had failed to verify share purchase/sale records and demat entries underpinning alleged bogus LTCG, yet accepted the returned income in the reassessment order. Because the reassessment itself was invalid, the Pr. CIT had no power under s.263 to revise or validate it. The revisional order was set aside and the assessee's appeal allowed. Case-Laws Income Tax Wed, 06 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420790