https://www.taxtmi.com/caselaws?id=772203 ITAT Delhi upheld PCIT's revision order u/s 263 against AO's assessment allowing LTCG exemption u/s 10(38) on share sale. Court found AO failed to conduct requisite inquiries or verification regarding exemption claim, with assessment order lacking evidence of proper investigation. PCIT's show-cause notice demonstrated AO's inadequate examination. Tribunal noted existing adverse precedents regarding similar share transactions being held bogus. Citing SC decision in Paville Project case, ITAT held erroneous orders prejudicial to Revenue warrant revision. Assessment order set aside as erroneous and prejudicial to Revenue interests. Assessee's appeal dismissed. en-us Fri, 30 May 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772203 ITAT Delhi upheld PCIT's revision order u/s 263 against AO's assessment allowing LTCG exemption u/s 10(38) on share sale. Court found AO failed to conduct requisite inquiries or verification regarding exemption claim, with assessment order lacking evidence of proper investigation. PCIT's show-cause notice demonstrated AO's inadequate examination. Tribunal noted existing adverse precedents regarding similar share transactions being held bogus. Citing SC decision in Paville Project case, ITAT held erroneous orders prejudicial to Revenue warrant revision. Assessment order set aside as erroneous and prejudicial to Revenue interests. Assessee's appeal dismissed. Case-Laws Income Tax Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772203