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No Section 263 Action on Debatable Penny Stock LTCG After Full AO Probe: ITAT Mumbai
Case Law Details
- Case Name
- Suneeta Sekhri Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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Suneeta Sekhri Vs DCIT (ITAT Mumbai)
PCIT Cannot Invoke Section 263 on Penny Stock LTCG Where AO Conducted Detailed Enquiry & Issue Is Debatable – ITAT Mumbai
The ITAT Mumbai quashed the revision order passed u/s 263 for AY 2018-19, holding that the PCIT wrongly assumed jurisdiction in a case involving alleged bogus LTCG on sale of penny stock shares.
The Tribunal noted that the AO had conducted detailed enquiry during reassessment proceedings u/s 147 r.w.s. 144B, examined demat statements, bank statements, contract notes & trading details, and thereafter made an add...
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