https://www.taxtmi.com/caselaws?id=783185 ITAT upheld the PCIT's invocation of revisionary jurisdiction u/s 263, holding the assessment order u/s 143(3) r/w s.144B to be erroneous and prejudicial to the Revenue. The AO had accepted short-term capital gains taxed u/s 111A on sale of securities held for less than 12 months without examining whether such income should be assessed as business income, particularly as the assessee was formed for investment activity. Relying on CBDT Circular No. 6/2016, ITAT held that while long-term capital gains needed no interference, there was no bar on examining characterization of gains from securities held for under 12 months. The assessee's appeal was dismissed. en-us Fri, 28 Nov 2025 00:00:00 +0530 Thu, 11 Dec 2025 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783185 ITAT upheld the PCIT's invocation of revisionary jurisdiction u/s 263, holding the assessment order u/s 143(3) r/w s.144B to be erroneous and prejudicial to the Revenue. The AO had accepted short-term capital gains taxed u/s 111A on sale of securities held for less than 12 months without examining whether such income should be assessed as business income, particularly as the assessee was formed for investment activity. Relying on CBDT Circular No. 6/2016, ITAT held that while long-term capital gains needed no interference, there was no bar on examining characterization of gains from securities held for under 12 months. The assessee's appeal was dismissed. Case-Laws Income Tax Fri, 28 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783185