Failure to make Proper Enquiry on Bogus Claim of LTCG by Sale of Shares: Calcutta HC upholds Revision Order [Read Order]

While quashing the order passed by the Tribunal, the Court upheld the order passed by the PCIT
Principal Commissioner of Income Tax - Assessing Officer - long-term capital gain - Calcutta High Court - taxscan

In a recent case, the Calcutta High Court has upheld the revision order passed by the Principal Commissioner of Income Tax ( PCIT ) under Section 263 of the Income Tax Act, 1961. The Court found that the Assessing Officer ( AO ) failed to make a proper inquiry on the bogus claim of long-term…

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