https://www.taxtmi.com/caselaws?id=208040 The ITAT held that the CIT's order disallowing the claimed loss on revaluation of closing stock of shares and debentures was not sustainable in law. The ITAT concluded that the assessee had treated shares and securities as stock-in-trade from the relevant year onwards, consistent with subsequent years and accepted by tax authorities. Referring to legal precedents, the ITAT emphasized that unless an assessment order was both erroneous and prejudicial to Revenue's interests, the CIT lacked jurisdiction to revise it under section 263. As a result, the ITAT set aside the CIT's order and allowed the assessee's appeal. en-us Wed, 15 Jul 2009 00:00:00 +0530 Tue, 03 Jan 2012 08:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208040 The ITAT held that the CIT's order disallowing the claimed loss on revaluation of closing stock of shares and debentures was not sustainable in law. The ITAT concluded that the assessee had treated shares and securities as stock-in-trade from the relevant year onwards, consistent with subsequent years and accepted by tax authorities. Referring to legal precedents, the ITAT emphasized that unless an assessment order was both erroneous and prejudicial to Revenue's interests, the CIT lacked jurisdiction to revise it under section 263. As a result, the ITAT set aside the CIT's order and allowed the assessee's appeal. Case-Laws Income Tax Wed, 15 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208040