https://www.taxtmi.com/caselaws?id=465460 The dominant issue was whether revision under s.263 could be sustained on the ground of "lack of inquiry" by the AO regarding alleged bogus share transactions. The HC held that s.263 cannot be invoked where the AO has conducted a detailed and focused inquiry, issued specific queries to the assessee, and collected and evaluated relevant material; mere disagreement with the AO's conclusion does not establish an erroneous order prejudicial to the Revenue. The court also noted the undisputed fact that the share transfer was executed through a recognized stock exchange. Consequently, the HC declined to interfere with the Tribunal's order and ruled in favour of the assessee. en-us Tue, 17 Sep 2024 00:00:00 +0530 Wed, 24 Dec 2025 19:20:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465460 The dominant issue was whether revision under s.263 could be sustained on the ground of "lack of inquiry" by the AO regarding alleged bogus share transactions. The HC held that s.263 cannot be invoked where the AO has conducted a detailed and focused inquiry, issued specific queries to the assessee, and collected and evaluated relevant material; mere disagreement with the AO's conclusion does not establish an erroneous order prejudicial to the Revenue. The court also noted the undisputed fact that the share transfer was executed through a recognized stock exchange. Consequently, the HC declined to interfere with the Tribunal's order and ruled in favour of the assessee. Case-Laws Income Tax Tue, 17 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465460