https://www.taxtmi.com/caselaws?id=284153 The Tribunal held that the Principal Commissioner of Income Tax wrongly assumed jurisdiction under Section 263 as the assessment order was not erroneous and prejudicial to the Revenue. The Tribunal found that the loss on transfer/write-off of investments did not need to be added back to the book profit under Section 115JB. The Tribunal emphasized that the Assessing Officer had taken a possible view, and the PCIT could not impose a different view. Consequently, the PCIT's order was set aside, and the assessment order under Section 143(3) was restored, allowing the appeal of the assessee. en-us Wed, 04 Jul 2018 00:00:00 +0530 Mon, 04 Nov 2019 06:31:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284153 The Tribunal held that the Principal Commissioner of Income Tax wrongly assumed jurisdiction under Section 263 as the assessment order was not erroneous and prejudicial to the Revenue. The Tribunal found that the loss on transfer/write-off of investments did not need to be added back to the book profit under Section 115JB. The Tribunal emphasized that the Assessing Officer had taken a possible view, and the PCIT could not impose a different view. Consequently, the PCIT's order was set aside, and the assessment order under Section 143(3) was restored, allowing the appeal of the assessee. Case-Laws Income Tax Wed, 04 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284153