PCIT can Review Bogus LTCG Assessment pending before CIT(A) ITAT Delhi

Sanjay Singh Rana Vs PCIT (ITAT Delhi) PCIT Can Step In Even If Issue Pending Before CIT(A): ITAT Delhi Upholds 263 in Bogus LTCG Case Tribunal dismissed the appeal of Sanjay Singh Rana challenging PCIT’s revision u/s 263. Assesse had declared LTCG exempt u/s 10(38) on sale of IndusInd Bank shares. Reassessment u/s 147 was completed treating the entire transaction as bogus on the basis of Investigation Wing findings that shares were actually purchased in FY 2014-15 through entry-operator M/s Life Line Securities Ltd & backdated contract notes were fabricated to show purchase in 2009. AO ...