https://www.taxtmi.com/caselaws?id=121465 The Tribunal upheld the CIT's order, ruling that the share of loss in the Association of Persons (AoP) is not allowable in the hands of its members. Additionally, the Tribunal found that the CIT was justified in exercising revisionary jurisdiction under section 263 of the Income-tax Act due to the Assessing Officer's erroneous application of the law. Consequently, the assessee's appeal was dismissed, affirming the CIT's decision. en-us Fri, 24 Apr 2009 00:00:00 +0530 Mon, 30 Jul 2012 17:59:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121465 The Tribunal upheld the CIT's order, ruling that the share of loss in the Association of Persons (AoP) is not allowable in the hands of its members. Additionally, the Tribunal found that the CIT was justified in exercising revisionary jurisdiction under section 263 of the Income-tax Act due to the Assessing Officer's erroneous application of the law. Consequently, the assessee's appeal was dismissed, affirming the CIT's decision. Case-Laws Income Tax Fri, 24 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121465