https://www.taxtmi.com/caselaws?id=427413 The High Court upheld the revenue's appeal under Section 260A of the Income Tax Act, 1961, against the Income Tax Appellate Tribunal's order for the assessment year 2015-2016. The Court emphasized the importance of a proper inquiry by the assessing officer, highlighting the failure to investigate the genuineness of claims for Long Term Capital Gains or Short Term Capital Loss. The Tribunal's decision to quash the order under Section 263 without considering necessary conditions for revisional jurisdiction was deemed perfunctory and perverse, leading to the restoration of the Commissioner's order in favor of the revenue. en-us Sun, 29 May 2022 00:00:00 +0530 Thu, 08 Sep 2022 07:23:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427413 The High Court upheld the revenue's appeal under Section 260A of the Income Tax Act, 1961, against the Income Tax Appellate Tribunal's order for the assessment year 2015-2016. The Court emphasized the importance of a proper inquiry by the assessing officer, highlighting the failure to investigate the genuineness of claims for Long Term Capital Gains or Short Term Capital Loss. The Tribunal's decision to quash the order under Section 263 without considering necessary conditions for revisional jurisdiction was deemed perfunctory and perverse, leading to the restoration of the Commissioner's order in favor of the revenue. Case-Laws Income Tax Sun, 29 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427413