https://www.taxtmi.com/caselaws?id=204294 The Tribunal reversed the CIT's order under section 263 of the Income-tax Act, reinstating the Assessing Officer's decision. The appeal was allowed as the Tribunal found the Assessing Officer's decision to set off losses in accordance with legal precedent, determining it was not erroneous. The Tribunal emphasized the necessity for the CIT to establish both error and prejudice to revenue to invoke section 263, ultimately ruling in favor of the assessee based on legal interpretation and precedent followed. en-us Fri, 08 Oct 2010 00:00:00 +0530 Mon, 11 Apr 2011 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204294 The Tribunal reversed the CIT's order under section 263 of the Income-tax Act, reinstating the Assessing Officer's decision. The appeal was allowed as the Tribunal found the Assessing Officer's decision to set off losses in accordance with legal precedent, determining it was not erroneous. The Tribunal emphasized the necessity for the CIT to establish both error and prejudice to revenue to invoke section 263, ultimately ruling in favor of the assessee based on legal interpretation and precedent followed. Case-Laws Income Tax Fri, 08 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204294