https://www.taxtmi.com/caselaws?id=752595 The HC quashed a suo moto revisional proceeding initiated by PCIT u/s 263 of the Income Tax Act. The court held that the PCIT failed to independently apply his mind and merely acted on a subordinate's proposal without examining records. The proceeding was initiated for non-disclosure of long-term capital gain in computation sheet despite it being shown in capital account. The court found no prejudice to revenue interests and ruled the revisional proceeding illegal, without jurisdiction, and unsustainable in law, emphasizing that both conditions of the order being erroneous and prejudicial to revenue must be satisfied. en-us Wed, 08 May 2024 00:00:00 +0530 Wed, 28 Aug 2024 13:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752595 The HC quashed a suo moto revisional proceeding initiated by PCIT u/s 263 of the Income Tax Act. The court held that the PCIT failed to independently apply his mind and merely acted on a subordinate's proposal without examining records. The proceeding was initiated for non-disclosure of long-term capital gain in computation sheet despite it being shown in capital account. The court found no prejudice to revenue interests and ruled the revisional proceeding illegal, without jurisdiction, and unsustainable in law, emphasizing that both conditions of the order being erroneous and prejudicial to revenue must be satisfied. Case-Laws Income Tax Wed, 08 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752595