SHRI KANT MISHRA,BUXAR vs. ITO, WARD-1(5), BUXAR

ITA 17/PAT/2021Status: DisposedITAT Patna15 October 2025AY 2015-16Bench: SHRI RAJESH KUMAR, AM AND SHRIPRADIP KUMAR CHOUBEY (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the PCIT's conclusion of no inquiry was contrary to the facts. Evidence showed that the AO had called for and examined the documents related to share transactions. The Tribunal also noted that if the AO takes a possible view, the PCIT cannot substitute his own view under section 263.

What were the facts?

The assessee claimed exemption for long-term capital gain from sale of equity shares. The PCIT initiated revisionary proceedings under section 263, alleging that the AO had not conducted proper inquiry or verified the transaction documents. The assessee contended that all necessary documents were provided to the AO during assessment.

What were the issues?

Whether the revisionary jurisdiction under section 263 of the Income-tax Act was validly invoked by the PCIT when the AO had conducted an inquiry, albeit potentially inadequate?

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 10(38),Section 142(1),Section 143(2)

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, “A” BENCH, KOLKATA

For Appellant: Shri Sudipta Sannigrahi, AR
For Respondent: Shri Rajat Datta, DR
Hearing: 29.07.2025Pronounced: 15.10.2025

For A.Y. 2015-16 ITA Nos. 17, 18, 20 & 21/PAT/2021

Per Rajesh Kumar, AM:

These are the appeals preferred by different assessee against the revisionary orders of the Pr. Commissioner of Income Tax (hereinafter referred to as the “Ld. PCIT”] dated 14.01.2021, 27.01.2021 for the AY 2015-16. 02. Though the appeals

The order continues below.

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