PIYUSH R.SHAH,MUMBAI vs. PCIT-8, MUMBAI

PDF · subscribers
ITA 3207/MUM/2022Status: DisposedITAT Mumbai31 May 2023AY 2015-165 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the cost of acquisition of shares, which was incurred in an earlier assessment year, could not be disallowed in the current assessment year. Therefore, the revision order's direction to add Rs. 12,50,000/- as a disallowance was not justified.

What were the facts?

The assessee filed a return of income, and the assessment order was passed. The Principal CIT initiated revision proceedings under Section 263, holding that the Assessing Officer (AO) had failed to make adequate inquiry regarding long-term capital gains on penny stocks. The revision order directed an addition of the entire sale proceeds instead of just the exempt income.

What were the issues?

Whether the Principal CIT was justified in revising the assessment order under Section 263 on the issue of disallowing the cost of acquisition of shares when it pertained to an earlier assessment year.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

Hearing: 25.05.2023Pronounced: 31.05.2023

आदेश की प्रतितिति अग्रेतिि/Copy of the Order forwarded to : 1. अपीलाथी / The Appellant प्रत्यथी / The Respondent. 2. 3. आयकर आयुक्त / CIT

More judgments on Section 263

All 13,616 judgments and leading authorities on Section 263 →

Recent GST High Court judgments

Search GST case law →