https://www.taxtmi.com/caselaws?id=446944 The ITAT Kolkata allowed the assessee's appeal against a revision order u/s 263. The CIT had alleged that the AO failed to properly examine suspicious share sale transactions and exempt LTCG claims. The ITAT held that both conditions under section 263 - the order being erroneous and prejudicial to revenue interest - must be satisfied. The CIT failed to establish that the AO's order was erroneous, as the assessee provided supporting documentary evidence including audited financial statements, contract notes, and DEMAT account details. The ITAT emphasized that inadequate enquiry alone, without proving the order is erroneous and unsustainable in law, cannot justify invoking section 263 powers. en-us Mon, 09 Oct 2023 00:00:00 +0530 Fri, 15 Dec 2023 10:53:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446944 The ITAT Kolkata allowed the assessee's appeal against a revision order u/s 263. The CIT had alleged that the AO failed to properly examine suspicious share sale transactions and exempt LTCG claims. The ITAT held that both conditions under section 263 - the order being erroneous and prejudicial to revenue interest - must be satisfied. The CIT failed to establish that the AO's order was erroneous, as the assessee provided supporting documentary evidence including audited financial statements, contract notes, and DEMAT account details. The ITAT emphasized that inadequate enquiry alone, without proving the order is erroneous and unsustainable in law, cannot justify invoking section 263 powers. Case-Laws Income Tax Mon, 09 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446944