https://www.taxtmi.com/caselaws?id=313663 The ITAT Jodhpur quashed CIT's revision proceedings u/s 263 challenging AO's acceptance of long-term capital gains exemption u/s 10(38) on share sales. The tribunal held that CIT failed to establish the assessment order was erroneous and prejudicial to revenue interests. The AO had conducted proper inquiry, examining bank statements and broker notes showing genuine long-term holdings. The tribunal emphasized that mere suspicion without material evidence cannot justify revisional proceedings, and CIT cannot initiate fishing inquiries in concluded assessments. The decision favored the assessee, ruling the revision proceedings unjustified. en-us Mon, 08 Nov 2021 00:00:00 +0530 Sat, 27 Apr 2024 15:10:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313663 The ITAT Jodhpur quashed CIT's revision proceedings u/s 263 challenging AO's acceptance of long-term capital gains exemption u/s 10(38) on share sales. The tribunal held that CIT failed to establish the assessment order was erroneous and prejudicial to revenue interests. The AO had conducted proper inquiry, examining bank statements and broker notes showing genuine long-term holdings. The tribunal emphasized that mere suspicion without material evidence cannot justify revisional proceedings, and CIT cannot initiate fishing inquiries in concluded assessments. The decision favored the assessee, ruling the revision proceedings unjustified. Case-Laws Income Tax Mon, 08 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313663