https://www.taxtmi.com/caselaws?id=267093 The ITAT quashed the CIT's order under section 263 of the IT Act and reinstated the AO's assessment order for the assessment year 2009-10. The ITAT found that the CIT did not adequately inquire into the issue of long-term capital loss claimed by the assessee on the sale of listed securities without STT. It was confirmed that all relevant documents were part of the assessment file, leading to the conclusion that the CIT's decision was erroneous and prejudicial to revenue. The judgment highlighted the necessity for tax authorities to conduct thorough investigations and apply legal principles diligently when revising assessment orders. en-us Thu, 24 Sep 2015 00:00:00 +0530 Fri, 30 Oct 2015 06:31:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267093 The ITAT quashed the CIT's order under section 263 of the IT Act and reinstated the AO's assessment order for the assessment year 2009-10. The ITAT found that the CIT did not adequately inquire into the issue of long-term capital loss claimed by the assessee on the sale of listed securities without STT. It was confirmed that all relevant documents were part of the assessment file, leading to the conclusion that the CIT's decision was erroneous and prejudicial to revenue. The judgment highlighted the necessity for tax authorities to conduct thorough investigations and apply legal principles diligently when revising assessment orders. Case-Laws Income Tax Thu, 24 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267093