https://www.taxtmi.com/caselaws?id=763327 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order under section 263 regarding bogus long-term capital gains exemption under section 10(38) on penny stock shares. The tribunal held that AO had conducted voluminous inquiries during assessment proceedings, responding to all queries from the insight portal. PCIT failed to specify which particular inquiry was not conducted by AO or demonstrate concrete steps that were allegedly missed. The revision order lacked specific findings of error and was deemed unsustainable for want of proper reasoning, violating natural justice principles. en-us Mon, 16 Dec 2024 00:00:00 +0530 Wed, 18 Dec 2024 08:58:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763327 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order under section 263 regarding bogus long-term capital gains exemption under section 10(38) on penny stock shares. The tribunal held that AO had conducted voluminous inquiries during assessment proceedings, responding to all queries from the insight portal. PCIT failed to specify which particular inquiry was not conducted by AO or demonstrate concrete steps that were allegedly missed. The revision order lacked specific findings of error and was deemed unsustainable for want of proper reasoning, violating natural justice principles. Case-Laws Income Tax Mon, 16 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763327