Subsequent revisional order tends to be invalid as original re-assessment order passed invalidly

Principal Commissioner of Income Tax Vs Badal Prakash Jinda (Orissa High Court) Orissa High Court held that when original re-assessment order was not passed validly, subsequent revisional order passed by PCIT is held to be invalid. Facts- Assessee filed its ROI for the AY 2013-14 after claiming Long Term Capital Gains (LTCG) u/s. 10(38) of the Act. AO gathered information that the Assessee had shown the LTCG out of the share transaction of a Kolkata based company, M/s. Tuni Textile Mills Ltd. (TTML) and that the price of such shares had increased by more than 768% from the cost of acquisition ...