https://www.taxtmi.com/caselaws?id=353080 The Tribunal held that the Principal CIT's order under section 263 was not justified as it lacked specific findings on the erroneous nature of the AO's order and was based solely on the ground of lack of enquiry without proper notice to the assessee. The Tribunal quashed the Principal CIT's order, allowing the assessee's appeal. It was determined that the AO's acceptance of the derivative loss as non-speculative was not erroneous or prejudicial to the revenue. The appeal was allowed, and the order was pronounced on 22nd December 2017. en-us Fri, 22 Dec 2017 00:00:00 +0530 Tue, 26 Dec 2017 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353080 The Tribunal held that the Principal CIT's order under section 263 was not justified as it lacked specific findings on the erroneous nature of the AO's order and was based solely on the ground of lack of enquiry without proper notice to the assessee. The Tribunal quashed the Principal CIT's order, allowing the assessee's appeal. It was determined that the AO's acceptance of the derivative loss as non-speculative was not erroneous or prejudicial to the revenue. The appeal was allowed, and the order was pronounced on 22nd December 2017. Case-Laws Income Tax Fri, 22 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353080