https://www.taxtmi.com/caselaws?id=343528 The Tribunal set aside the CIT's order under section 263, ruling that the Assessing Officer's decision was not erroneous or prejudicial to the Revenue. The AO had properly scrutinized the claims, including the treatment of loss as capital loss and speculative loss, and had considered all relevant issues before issuing the assessment order. The Tribunal allowed the appeal filed by the assessee, emphasizing that the AO's decision was based on a possible view and supported by the assessee's explanations. en-us Fri, 19 May 2017 00:00:00 +0530 Sat, 27 May 2017 07:04:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343528 The Tribunal set aside the CIT's order under section 263, ruling that the Assessing Officer's decision was not erroneous or prejudicial to the Revenue. The AO had properly scrutinized the claims, including the treatment of loss as capital loss and speculative loss, and had considered all relevant issues before issuing the assessment order. The Tribunal allowed the appeal filed by the assessee, emphasizing that the AO's decision was based on a possible view and supported by the assessee's explanations. Case-Laws Income Tax Fri, 19 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343528