Sec. 263 Cannot Be Used to Replace AO’s Possible View on Scrutinized LTCG Income

Kant Mishra Vs ITO (ITAT Kolkata) PCIT Cannot Invoke Sec.263 for Mere ‘Inadequate Inquiry’ – AO Had Examined Share LTCG; Revision Order Quashed All four assessees filed returns of income for AY 2015-16. Their cases were selected for scrutiny under CASS & assessments were completed u/s 143(3). During assessment, AOs examined all details including purchase/sale of shares & exemption u/s 10(38) on LTCG of approx. ₹36.60 lakh, & accepted the claim after calling for necessary documents. PCIT invoked revisionary jurisdiction u/s 263, holding that: AO had not conducted proper inq...