MR. ANMOL GOVINDRAM SEKHRI,BANDRA ARCADE, NANDI GULLY, OPP BANDRA RAILWAY ST vs. CIRCLE 16(2), MUMBAI, AAYAKAR BHAWAN, MUMBAI

ITA 1091/MUM/2025Status: DisposedITAT Mumbai02 February 2026AY 2018-19Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the PCIT's revision order under Section 263 was unsustainable. It reasoned that the AO had made a conscious decision after due inquiry, and the PCIT could not substitute his own judgment for that of the AO without establishing the assessment order as erroneous and prejudicial to the revenue.

What were the facts?

The assessee claimed Long Term Capital Gains (LTCG) from the sale of shares, which the Assessing Officer (AO) added back as bogus LTCG. The Principal Commissioner of Income-tax (PCIT) invoked Section 263, considering the LTCG as an unexplained cash credit under Section 68.

What were the issues?

Whether the PCIT correctly invoked Section 263 to revise the assessment order when the AO had already considered the issue of bogus LTCG and made an addition. The key issue is whether the PCIT's revision was based on a mere change of opinion or a lack of inquiry by the AO.

Which sections of the Income-tax Act were involved?

Section 263,Section 147,Section 144B,Section 68,Section 115BBE,Section 10(38)

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Before: SHRI SANDEEP GOSAIN & SHRI PRABHASH SHANKAR

For Appellant: Shri Aditya Ajgaonkar & Ms. Rupal Shrimal, ARs
For Respondent: Shri Rajesh Kumar Yadav, (CIT-DR)
Hearing: 10.12.2025Pronounced: 02.02.2026

PER PRABHASH SHANKAR [A.M.] :- The present appeal is filed by the assessee against the Revision order u/s 263 of the Act passed by the Principal Commissioner of Income-tax, PCIT, Mumbai-8 [hereinafter referred to as “PCIT”] pertaining to assessment order made u/s. 147 r.w.s. 144B of the Income- tax Act, 1961 [hereinafter referred to as “Act”] dated 28.02.2023 for the Assessment Year [A.Y.] 2018-19. P a g e | 2 A.Y. 2018-19 Mrs. Suneeta Sekhri (Legal Heir of Mr. Anmol Govindram Sekh

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