https://www.taxtmi.com/caselaws?id=765340 ITAT Mumbai set aside PCIT's revision order u/s 263 regarding bogus LTCG from penny scrip transactions. AO had allowed exemption u/s 10(38) for share sale gains after reassessment proceedings. PCIT concluded transactions in Ojas Asset Reconstruction Company shares were sham without addressing assessee's detailed explanations and supporting documents. ITAT held PCIT failed to specify what inquiry AO omitted or prove how assessment was erroneous and prejudicial to revenue. Revision order lacked basis as assessee had provided sufficient documentation during reassessment. Decision favored assessee. en-us Tue, 28 Jan 2025 00:00:00 +0530 Thu, 30 Jan 2025 08:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765340 ITAT Mumbai set aside PCIT's revision order u/s 263 regarding bogus LTCG from penny scrip transactions. AO had allowed exemption u/s 10(38) for share sale gains after reassessment proceedings. PCIT concluded transactions in Ojas Asset Reconstruction Company shares were sham without addressing assessee's detailed explanations and supporting documents. ITAT held PCIT failed to specify what inquiry AO omitted or prove how assessment was erroneous and prejudicial to revenue. Revision order lacked basis as assessee had provided sufficient documentation during reassessment. Decision favored assessee. Case-Laws Income Tax Tue, 28 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765340