https://www.taxtmi.com/caselaws?id=768619 ITAT Chandigarh allowed the assessee's appeal against PCIT's revision order u/s 263. The tribunal held that the original assessment u/s 147/148 was valid as the AO conducted proper inquiry and verification before accepting the assessee's LTCG exemption claim u/s 10(38). PCIT failed to establish that the assessment was erroneous and prejudicial to revenue interests. The reopening reasons were inadequate, and PCIT should have conducted minimum inquiry before ordering fresh assessment. The revision order was set aside as bad in law. en-us Thu, 20 Feb 2025 00:00:00 +0530 Wed, 09 Apr 2025 18:51:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768619 ITAT Chandigarh allowed the assessee's appeal against PCIT's revision order u/s 263. The tribunal held that the original assessment u/s 147/148 was valid as the AO conducted proper inquiry and verification before accepting the assessee's LTCG exemption claim u/s 10(38). PCIT failed to establish that the assessment was erroneous and prejudicial to revenue interests. The reopening reasons were inadequate, and PCIT should have conducted minimum inquiry before ordering fresh assessment. The revision order was set aside as bad in law. Case-Laws Income Tax Thu, 20 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768619