Share Transactions Proven Genuine Cannot Be Declared Bogus Without Evidence

Vinay Kumar Sogani Vs PCIT (ITAT Mumbai) Vinay Kumar Sogani challenged the order passed by the Principal Commissioner of Income Tax (Pr. CIT) under Section 263 of the Income Tax Act, 1961, 1 which sought to revise the assessment order for the assessment year 2013-14. The Pr. CIT had deemed the Assessing Officer’s (AO) order erroneous and prejudicial to the revenue’s interest, primarily because the AO had allowed the assessee’s claim for exemption under Section 10(38) for long-term capital gain (LTCG) on the sale of shares without proper verification, especially in light of in...