https://www.taxtmi.com/caselaws?id=770895 ITAT Delhi allowed the assessee's appeal against revision order u/s 263 regarding LTCG claimed on share sale. The tribunal held that once shares are sold on exchange at quoted price, assessee's obligation ends unless Revenue has positive material suggesting unlawful profits. Pr.CIT failed to conduct proper enquiry from exchange or collect adverse material, merely alleging inadequacy without basis. No third party statements or SEBI reports were available against assessee. Tribunal ruled that inadequacy in enquiry manner alone cannot justify s. 263 powers invocation, citing precedents from Delhi HC. Revenue's allegations were based on suspicion without sound rationale. en-us Wed, 14 May 2025 00:00:00 +0530 Sat, 17 May 2025 08:39:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770895 ITAT Delhi allowed the assessee's appeal against revision order u/s 263 regarding LTCG claimed on share sale. The tribunal held that once shares are sold on exchange at quoted price, assessee's obligation ends unless Revenue has positive material suggesting unlawful profits. Pr.CIT failed to conduct proper enquiry from exchange or collect adverse material, merely alleging inadequacy without basis. No third party statements or SEBI reports were available against assessee. Tribunal ruled that inadequacy in enquiry manner alone cannot justify s. 263 powers invocation, citing precedents from Delhi HC. Revenue's allegations were based on suspicion without sound rationale. Case-Laws Income Tax Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770895