{"id":62467,"date":"2026-07-21T17:43:44","date_gmt":"2026-07-21T12:13:44","guid":{"rendered":"https:\/\/itatonline.org\/digest\/shummy-poulose-puthanangady-v-pcit-2025-121-itr-81-sn-mum-trib\/"},"modified":"2026-07-21T17:43:44","modified_gmt":"2026-07-21T12:13:44","slug":"shummy-poulose-puthanangady-v-pcit-2025-121-itr-81-sn-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/shummy-poulose-puthanangady-v-pcit-2025-121-itr-81-sn-mum-trib\/","title":{"rendered":"Shummy Poulose Puthanangady v. PCIT (2025) 121 ITR 81 (SN) (Mum.)(Trib.)"},"content":{"rendered":"<p>Where, during reassessment proceedings, the assessee furnished complete documentary evidence including bank statements, demat account, share certificates, contract notes, broker&#8217;s ledger, capital gains computation and other supporting records establishing the genuineness of the share transactions, and the Assessing Officer, after examining the material, accepted the claim of exemption under section 10(38), the Principal Commissioner was not justified in invoking section 263 merely on the basis of Investigation Wing information alleging penny stock transactions. In the absence of any finding as to what further enquiry was required or how the assessment order was erroneous and prejudicial to the interests of the Revenue, the revision order was held to be invalid. (AY. 2016-17)\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 263: Commissioner-Revision of orders prejudicial to revenue-Reassessment-Long-term capital gains-Penny stock-Enquiry-Bogus capital gains-Inadequate enquiry-Revision order was set aside.[S. 10(38), 45,  147, 148]<\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-62467","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gfx","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62467","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=62467"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62467\/revisions"}],"predecessor-version":[{"id":62468,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/62467\/revisions\/62468"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=62467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=62467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=62467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}