Revision u/s 263 by CIT - bogus loss on shares - penny stock ...

PCIT's Revision u/s 263 Overruled: AO's Original Assessment on Penny Stock Loss Deemed Valid.

December 9, 2021

Case Laws Income Tax AT

Revision u/s 263 by CIT - bogus loss on shares - penny stock transactions - Reliance on audit objection given by the audit party - As safely concluded that the ld. AO had indeed taken a possible view on the matter. PCIT merely because he has got a different view on the same set of facts cannot try to substitute his view in place of the view already taken by the ld. AO by invoking his revision jurisdiction u/s.263. - AT

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Revision u/s 263 by CIT - bogus loss on shares - penny stock ...

PCIT's Revision u/s 263 Overruled: AO's Original Assessment on Penny Stock Loss Deemed Valid.

December 9, 2021

Case Laws Income Tax AT

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