https://www.taxtmi.com/caselaws?id=758110 The ITAT Ahmedabad upheld the PCIT's revision order under section 263, finding the AO's assessment erroneous and prejudicial to revenue interests. The case involved penny stock transactions where the AO failed to conduct proper inquiries during reassessment proceedings under section 147. The AO merely accepted the assessee's contentions based on contract notes and bank statements without examining demat accounts or investigating potential manipulation of shares to generate bogus long-term capital gains. The PCIT correctly set aside the reassessment order and directed fresh assessment after detailed inquiry. The assessee's appeal was dismissed. en-us Fri, 30 Aug 2024 00:00:00 +0530 Sat, 07 Sep 2024 08:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758110 The ITAT Ahmedabad upheld the PCIT's revision order under section 263, finding the AO's assessment erroneous and prejudicial to revenue interests. The case involved penny stock transactions where the AO failed to conduct proper inquiries during reassessment proceedings under section 147. The AO merely accepted the assessee's contentions based on contract notes and bank statements without examining demat accounts or investigating potential manipulation of shares to generate bogus long-term capital gains. The PCIT correctly set aside the reassessment order and directed fresh assessment after detailed inquiry. The assessee's appeal was dismissed. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758110