https://www.taxtmi.com/caselaws?id=769650 The ITAT Delhi set aside the Pr.CIT's revision order under section 263 concerning LTCG exemption under section 10(38). The tribunal found that the AO's assessment was not erroneous or prejudicial to revenue interests. The assessee had purchased shares three years prior to sale through banking channels, with payments demonstrable through records and demat account receipts. The company underwent corporate restructuring during the intervening period. The Pr.CIT's allegations of inadequate inquiry regarding bank particulars were unsupported by adverse material or third-party statements. The tribunal held that mere inadequacy in inquiry manner cannot justify section 263 invocation, citing precedents. The twin conditions of section 263 were not fulfilled, and the assessee's appeal was allowed. en-us Fri, 25 Apr 2025 00:00:00 +0530 Tue, 29 Apr 2025 08:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769650 The ITAT Delhi set aside the Pr.CIT's revision order under section 263 concerning LTCG exemption under section 10(38). The tribunal found that the AO's assessment was not erroneous or prejudicial to revenue interests. The assessee had purchased shares three years prior to sale through banking channels, with payments demonstrable through records and demat account receipts. The company underwent corporate restructuring during the intervening period. The Pr.CIT's allegations of inadequate inquiry regarding bank particulars were unsupported by adverse material or third-party statements. The tribunal held that mere inadequacy in inquiry manner cannot justify section 263 invocation, citing precedents. The twin conditions of section 263 were not fulfilled, and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 25 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769650