https://www.taxtmi.com/caselaws?id=258442 The Tribunal found that the Commissioner of Income Tax erred in assuming jurisdiction under Section 263 of the Income Tax Act, as the assessment order was not deemed erroneous or prejudicial to the interest of revenue. The Tribunal held that the Assessing Officer had conducted proper inquiries into the currency swap loss claimed by the assessee, and the order was passed after due consideration. Consequently, the Tribunal quashed the Commissioner's order and allowed the assessee's appeal. en-us Fri, 30 Jan 2015 00:00:00 +0530 Fri, 10 Apr 2015 09:01:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258442 The Tribunal found that the Commissioner of Income Tax erred in assuming jurisdiction under Section 263 of the Income Tax Act, as the assessment order was not deemed erroneous or prejudicial to the interest of revenue. The Tribunal held that the Assessing Officer had conducted proper inquiries into the currency swap loss claimed by the assessee, and the order was passed after due consideration. Consequently, the Tribunal quashed the Commissioner's order and allowed the assessee's appeal. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258442