https://www.taxtmi.com/caselaws?id=428287 The Tribunal found that the Assessing Officer (AO) had conducted adequate inquiries and verifications regarding the assessee's transactions in shares, leading to the acceptance of the genuineness of the capital gain. The Tribunal held that the AO's order was not erroneous or prejudicial to the Revenue's interest. Consequently, the revisional order by the Principal Commissioner of Income Tax (PCIT) was quashed, and the assessee's appeal was allowed. In a similar case involving another assessee, the Tribunal applied the same findings, resulting in the quashing of the revisional orders passed by the PCIT. en-us Wed, 20 Jul 2022 00:00:00 +0530 Wed, 28 Sep 2022 08:03:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428287 The Tribunal found that the Assessing Officer (AO) had conducted adequate inquiries and verifications regarding the assessee's transactions in shares, leading to the acceptance of the genuineness of the capital gain. The Tribunal held that the AO's order was not erroneous or prejudicial to the Revenue's interest. Consequently, the revisional order by the Principal Commissioner of Income Tax (PCIT) was quashed, and the assessee's appeal was allowed. In a similar case involving another assessee, the Tribunal applied the same findings, resulting in the quashing of the revisional orders passed by the PCIT. Case-Laws Income Tax Wed, 20 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428287