https://www.taxtmi.com/caselaws?id=797679 Revisionary jurisdiction cannot be exercised where a reassessment has specifically examined alleged penny-stock share transactions and accepted the returned short-term capital gains after verification. Contract notes, broker and ledger details, bank statements, and other supporting material established that the Assessing Officer had conducted inquiry and considered the evidence. The assessment represented a plausible view based on inquiry and verification; therefore, it was neither erroneous nor prejudicial to the interests of the Revenue. The deeming fiction applicable to cases lacking inquiry did not apply, rendering the revision order unsustainable. en-us Wed, 19 Aug 2026 00:00:00 +0530 Wed, 26 Aug 2026 08:27:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797679 Revisionary jurisdiction cannot be exercised where a reassessment has specifically examined alleged penny-stock share transactions and accepted the returned short-term capital gains after verification. Contract notes, broker and ledger details, bank statements, and other supporting material established that the Assessing Officer had conducted inquiry and considered the evidence. The assessment represented a plausible view based on inquiry and verification; therefore, it was neither erroneous nor prejudicial to the interests of the Revenue. The deeming fiction applicable to cases lacking inquiry did not apply, rendering the revision order unsustainable. Case-Laws Income Tax Wed, 19 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797679