https://www.taxtmi.com/caselaws?id=463961 ITAT KOLKATA - AT quashed the PCIT's revision under section 263, holding the revisionary exercise invalid. The Tribunal found the AO had issued a notice under section 142(1), examined the assessee's replies on dividends and share transactions (including long-term loss on penny stocks), and framed the assessment after enquiry. Relying on HC precedent, the Tribunal held a revision cannot be sustained merely on the AO's proposal where a detailed enquiry was conducted; appeal allowed in favour of the assessee. en-us Wed, 04 Jan 2023 00:00:00 +0530 Wed, 24 Sep 2025 20:44:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463961 ITAT KOLKATA - AT quashed the PCIT's revision under section 263, holding the revisionary exercise invalid. The Tribunal found the AO had issued a notice under section 142(1), examined the assessee's replies on dividends and share transactions (including long-term loss on penny stocks), and framed the assessment after enquiry. Relying on HC precedent, the Tribunal held a revision cannot be sustained merely on the AO's proposal where a detailed enquiry was conducted; appeal allowed in favour of the assessee. Case-Laws Income Tax Wed, 04 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463961