Revision u\/s 263 initiated twice by PCIT on short-term capital loss from penny stock (Sulabh Engineering Services Ltd.). AO had already verified the genuineness of the transactions twice (original + reassessment). Judicial resistance to arbitrary or repetitive invocation of section 263 when the Assessing Officer has exercised due diligence and formed a reasoned opinion. The ITAT reiterated that the revisional authority must not act merely as a supervisory authority unless there is palpable error or lack of enquiry that renders the assessment order unsustainable in law.(AY. 2016-16)\u00a0\u00a0 (ITA No. 2682\/Mum\/2024, Dated 11\/03\/2025)\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Short term capital loss-Section 263 cannot be used just because the PCIT holds a different view-No finding of lack of enquiry or perversity in AO\u2019s conclusion-Reaffirmed that revisional jurisdiction cannot substitute AO\u2019s discretion where AO acted judiciously.[S. 143(3)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-53513","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dV7","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=53513"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53513\/revisions"}],"predecessor-version":[{"id":53514,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/53513\/revisions\/53514"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=53513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=53513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=53513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}