https://www.taxtmi.com/caselaws?id=765424 ITAT Delhi quashed PCIT's revision order under Section 263 challenging AO's acceptance of LTCG exemption under Section 10(38). The case involved shares of a company later declared as shell company by SEBI. ITAT held that AO conducted proper inquiry after reopening assessment under Section 148, verified documents, and was satisfied about transaction genuineness. Since SEBI's shell company declaration came after the assessment order, AO could not have considered it. PCIT erred in invoking Section 263 as AO's order was neither erroneous nor prejudicial to revenue interests. Appeal decided in favor of assessee. en-us Wed, 29 Jan 2025 00:00:00 +0530 Fri, 31 Jan 2025 07:54:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765424 ITAT Delhi quashed PCIT's revision order under Section 263 challenging AO's acceptance of LTCG exemption under Section 10(38). The case involved shares of a company later declared as shell company by SEBI. ITAT held that AO conducted proper inquiry after reopening assessment under Section 148, verified documents, and was satisfied about transaction genuineness. Since SEBI's shell company declaration came after the assessment order, AO could not have considered it. PCIT erred in invoking Section 263 as AO's order was neither erroneous nor prejudicial to revenue interests. Appeal decided in favor of assessee. Case-Laws Income Tax Wed, 29 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765424