https://www.taxtmi.com/caselaws?id=752975 HC upheld the PCIT's order under s 263, rejecting the assessee's claim of exemption u/s 10(38) on long-term capital gains from penny stock sales. The PCIT found the AO's assessment prima facie erroneous and prejudicial to revenue, treating the credit as bogus and rightly adding it back. The PCIT independently examined the assessment records and identified the transactions as bogus. The Tribunal erred in setting aside the PCIT's order. The HC distinguished the present case from Sinhotia Metals & Minerals Pvt. Ltd., where the PCIT's jurisdiction was faulted. Consequently, the HC restored the PCIT's order under s 263. en-us Fri, 17 May 2024 00:00:00 +0530 Mon, 04 Aug 2025 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752975 HC upheld the PCIT's order under s 263, rejecting the assessee's claim of exemption u/s 10(38) on long-term capital gains from penny stock sales. The PCIT found the AO's assessment prima facie erroneous and prejudicial to revenue, treating the credit as bogus and rightly adding it back. The PCIT independently examined the assessment records and identified the transactions as bogus. The Tribunal erred in setting aside the PCIT's order. The HC distinguished the present case from Sinhotia Metals & Minerals Pvt. Ltd., where the PCIT's jurisdiction was faulted. Consequently, the HC restored the PCIT's order under s 263. Case-Laws Income Tax Fri, 17 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752975