https://www.taxtmi.com/caselaws?id=776553 The ITAT Lucknow set aside the order passed by the PCIT under section 263, holding that the AO had made sufficient inquiries regarding the assessee's claim of LTCG on shares. The tribunal found no credible material to support the PCIT's view that the assessment order was erroneous or prejudicial to the Revenue. It was noted that no incriminating material was found during the search under section 132 related to the issue, consistent with Supreme Court precedents prohibiting additions without such material. Consequently, the assessment order dated 30.12.2016 was restored, and the assessee's appeal was allowed. en-us Mon, 06 Jan 2025 00:00:00 +0530 Wed, 13 Aug 2025 07:27:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776553 The ITAT Lucknow set aside the order passed by the PCIT under section 263, holding that the AO had made sufficient inquiries regarding the assessee's claim of LTCG on shares. The tribunal found no credible material to support the PCIT's view that the assessment order was erroneous or prejudicial to the Revenue. It was noted that no incriminating material was found during the search under section 132 related to the issue, consistent with Supreme Court precedents prohibiting additions without such material. Consequently, the assessment order dated 30.12.2016 was restored, and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776553