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Invocation of jurisdiction u/s 263 on same subject which was duly verified in reassessment proceeding unjustified
Case Law Details
- Case Name
- Mukesh Agarwal Vs PCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-2013
- Courts
- All ITAT, ITAT Chennai
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Mukesh Agarwal Vs PCIT (ITAT Chennai)
ITAT Chennai held that AO duly verified the subject matter in re-assessment proceedings and concluded that LTCG declared by the assessee is genuine. Accordingly, setting aside the assessment order invoking revisional jurisdiction u/s 263 on the same subject matter unjustified.
Facts- The case has been re-opened u/s. 147 of the Act, for the reasons recorded as per which information received by AO shows that, the assessee is one of the beneficiary of bogus LTCG derived from sale of certain shares through M/s. Onkar Supply Pvt Ltd.
The case h...
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