https://www.taxtmi.com/caselaws?id=752531 ITAT Kolkata held that CIT's revision u/s 263 was invalid where AO had conducted assessment proceedings u/s 147 r.w.s 144B regarding bogus long-term capital gains from penny stock transactions. CIT's general observation of lack of enquiry without specific findings on evidence furnished by assessee was insufficient. Explanation 2 to Section 263(1) does not grant unbridled powers to CIT to set aside assessment orders merely stating AO should have made further enquiries without identifying deficiencies in existing enquiries. Revision was unjustified as reassessment proceedings were already completed on same information. Appeal decided in favor of assessee. en-us Thu, 09 May 2024 00:00:00 +0530 Fri, 10 May 2024 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752531 ITAT Kolkata held that CIT's revision u/s 263 was invalid where AO had conducted assessment proceedings u/s 147 r.w.s 144B regarding bogus long-term capital gains from penny stock transactions. CIT's general observation of lack of enquiry without specific findings on evidence furnished by assessee was insufficient. Explanation 2 to Section 263(1) does not grant unbridled powers to CIT to set aside assessment orders merely stating AO should have made further enquiries without identifying deficiencies in existing enquiries. Revision was unjustified as reassessment proceedings were already completed on same information. Appeal decided in favor of assessee. Case-Laws Income Tax Thu, 09 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752531