https://www.taxtmi.com/caselaws?id=763114 ITAT Mumbai quashed PCIT's revision order u/s 263 regarding bogus share sale transactions. The PCIT challenged AO's decision to allow cost of acquisition and commission deductions while treating the entire transaction as bogus. ITAT held that PCIT's jurisdiction u/s 263 was unsustainable as it was based on assumptions rather than factual findings. The court noted that revision on smaller issues stemming from larger disputed matters lacks proper foundation, particularly when the main addition was already under appeal before CIT(A). The assessee's appeal was allowed. en-us Fri, 27 Sep 2024 00:00:00 +0530 Thu, 12 Dec 2024 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763114 ITAT Mumbai quashed PCIT's revision order u/s 263 regarding bogus share sale transactions. The PCIT challenged AO's decision to allow cost of acquisition and commission deductions while treating the entire transaction as bogus. ITAT held that PCIT's jurisdiction u/s 263 was unsustainable as it was based on assumptions rather than factual findings. The court noted that revision on smaller issues stemming from larger disputed matters lacks proper foundation, particularly when the main addition was already under appeal before CIT(A). The assessee's appeal was allowed. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763114