CIT Revises Assessment u/s 263 for Bogus Capital Gains from Penny Stocks, Urges Thorough Investigation of Claims.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Revision u/s 263 by CIT - bogus capital gains from the penny stock script - AO should have made enquiry into the genuineness of the claim of exemption of capital gains in respect of purchase and sale of penny stock script of M/s. S.V. Electricals Ltd. in the light of the information received by him from the Investigation Wing of the Department, even if the information is received subsequent to original assessment order - revision order sustained - AT....