https://www.taxtmi.com/caselaws?id=439186 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) was not justified in invoking revisional jurisdiction under section 263 of the Income Tax Act. The reassessment proceedings under section 147 were deemed invalid due to insufficient reasons for reopening and mechanical approval. Additionally, the PCIT's reliance on Standard Operating Procedures guidelines for penny stock cases was erroneous as they did not apply to the unlisted scrip in question. The Tribunal quashed the revision order and allowed the appeal, declaring the reassessment order and subsequent revision order unsustainable. en-us Tue, 21 Feb 2023 00:00:00 +0530 Sat, 17 Jun 2023 13:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439186 The Tribunal found that the Principal Commissioner of Income Tax (PCIT) was not justified in invoking revisional jurisdiction under section 263 of the Income Tax Act. The reassessment proceedings under section 147 were deemed invalid due to insufficient reasons for reopening and mechanical approval. Additionally, the PCIT's reliance on Standard Operating Procedures guidelines for penny stock cases was erroneous as they did not apply to the unlisted scrip in question. The Tribunal quashed the revision order and allowed the appeal, declaring the reassessment order and subsequent revision order unsustainable. Case-Laws Income Tax Tue, 21 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439186