https://www.taxtmi.com/caselaws?id=432565 The Tribunal dismissed the appeal, upholding the Principal Commissioner of Income Tax's decision to set aside the assessment order for fresh consideration. It found the Long-Term Capital Gain claimed by the assessee from penny stock companies to be illegitimate, citing evasion of taxes through bogus transactions. The Tribunal supported the revisionary proceedings under section 263, emphasizing the AO's failure to investigate despite evidence from the Investigation Wing. The order was pronounced on November 16, 2022, directing reassessment based on the impugned order's observations. en-us Wed, 16 Nov 2022 00:00:00 +0530 Sat, 07 Jan 2023 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432565 The Tribunal dismissed the appeal, upholding the Principal Commissioner of Income Tax's decision to set aside the assessment order for fresh consideration. It found the Long-Term Capital Gain claimed by the assessee from penny stock companies to be illegitimate, citing evasion of taxes through bogus transactions. The Tribunal supported the revisionary proceedings under section 263, emphasizing the AO's failure to investigate despite evidence from the Investigation Wing. The order was pronounced on November 16, 2022, directing reassessment based on the impugned order's observations. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432565