https://www.taxtmi.com/caselaws?id=242678 The appeal, though time-barred by one day, was allowed due to genuine delay. The Commissioner of Income-tax raised seven issues under section 263, including the erroneous set off of short term capital loss against business income. The Tribunal upheld the CIT's direction to revise the assessment order, disallowing the set off. Additionally, a disallowance under section 14A was upheld by the Tribunal, despite the assessee's argument. The Tribunal also agreed with the CIT on the valuation of closing stock but ruled in favor of the assessee on the reconciliation of purchase and sale of investment, partially allowing the appeal. en-us Fri, 28 Jun 2013 00:00:00 +0530 Sun, 19 Jan 2014 09:47:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242678 The appeal, though time-barred by one day, was allowed due to genuine delay. The Commissioner of Income-tax raised seven issues under section 263, including the erroneous set off of short term capital loss against business income. The Tribunal upheld the CIT's direction to revise the assessment order, disallowing the set off. Additionally, a disallowance under section 14A was upheld by the Tribunal, despite the assessee's argument. The Tribunal also agreed with the CIT on the valuation of closing stock but ruled in favor of the assessee on the reconciliation of purchase and sale of investment, partially allowing the appeal. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242678