https://www.taxtmi.com/caselaws?id=761436 ITAT Ahmedabad allowed the assessee's appeal against Principal CIT's revision order u/s 263. The case involved alleged bogus accommodation entries relating to long-term capital gain on shares. The AO had examined this issue during original assessment proceedings u/s 143(3) and reassessment proceedings u/s 147, making no additions after thorough inquiry. ITAT held that Principal CIT erred in invoking s. 263 as the same issue was already examined multiple times by the AO. The revision order failed to specify how the AO's order was erroneous and prejudicial to revenue interests, making it unsustainable. en-us Thu, 29 Aug 2024 00:00:00 +0530 Mon, 11 Nov 2024 08:42:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761436 ITAT Ahmedabad allowed the assessee's appeal against Principal CIT's revision order u/s 263. The case involved alleged bogus accommodation entries relating to long-term capital gain on shares. The AO had examined this issue during original assessment proceedings u/s 143(3) and reassessment proceedings u/s 147, making no additions after thorough inquiry. ITAT held that Principal CIT erred in invoking s. 263 as the same issue was already examined multiple times by the AO. The revision order failed to specify how the AO's order was erroneous and prejudicial to revenue interests, making it unsustainable. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761436