https://www.taxtmi.com/caselaws?id=757839 ITAT Ahmedabad upheld revision under section 263 against assessee who failed to declare Long Term Capital Loss on ECL shares and Long Term Capital Gain on Saya shares in return of income. Both companies were penny stocks with ECL being delisted. AO failed to inquire into these omissions during assessment proceedings. While ITAT agreed assessee's argument that PCIT erred in directing specific assessment under sections 69A and 115BBE, it held assessment order was erroneous and prejudicial to revenue interest. Matter remanded to AO for de-novo assessment with proper opportunity of hearing to assessee. en-us Wed, 07 Aug 2024 00:00:00 +0530 Tue, 03 Sep 2024 08:27:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757839 ITAT Ahmedabad upheld revision under section 263 against assessee who failed to declare Long Term Capital Loss on ECL shares and Long Term Capital Gain on Saya shares in return of income. Both companies were penny stocks with ECL being delisted. AO failed to inquire into these omissions during assessment proceedings. While ITAT agreed assessee's argument that PCIT erred in directing specific assessment under sections 69A and 115BBE, it held assessment order was erroneous and prejudicial to revenue interest. Matter remanded to AO for de-novo assessment with proper opportunity of hearing to assessee. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757839