ITAT Ahmedabad Modifies U/s 263; Share Purchase Cost Disallowance U/s 115BBE on Bogus LTCG Restored to CIT(A)

Pramod Ramavatar Poddar Vs PCIT (ITAT Ahmedabad) Revision U/s 263 Modified – Disallowance of Share Purchase Cost U/s 115BBE Linked to Bogus LTCG Issue Restored to CIT(A) – ITAT Ahmedabad Pr.CIT invoked revisionary powers u/s 263 holding that the AO erred in allowing deduction of purchase cost while taxing alleged bogus LTCG u/s 68, stating that deduction was barred u/s 115BBE(2). Accordingly, the assessment order was set aside to disallow purchase cost of ₹20.84 lakh. Before ITAT, it was pointed out that the quantum issue relating to genuineness of LTCG had already been restored ...