Revision u/s 263 Quashed: No Specific Error Identified by PCIT

Gaurav Kumar Arya Vs PCIT (ITAT Delhi) Revision u/s 263 Quashed: No Specific Error Identified by PCIT Delhi ITAT quashed the revisionary order passed u/s 263, holding that the PCIT failed to identify any specific error in the reassessment order. Assessee’s case was reopened based on Investigation Wing inputs alleging that shares of Safal Herbs Ltd. were used for providing accommodation entries of bogus LTCG. During reassessment, the AO issued notices, obtained replies, examined the transactions, & categorically recorded that although the Assessee earned LTCG of Rs.6,71,600/-, the sale wa...