https://www.taxtmi.com/caselaws?id=394308 The tribunal upheld the Principal Commissioner of Income Tax's exercise of revision jurisdiction under Section 263, finding the assessment order allowing the set-off of Long Term Capital Loss (LTCL) against Long Term Capital Gains (LTCG) to be erroneous and prejudicial to revenue due to inadequate verification by the Assessing Officer. The tribunal directed the Assessing Officer to re-examine the LTCL set-off claim for the assessment years in question and provide the assessee with an opportunity to present relevant evidence, affirming the need for a fresh assessment order. en-us Wed, 22 Jan 2020 00:00:00 +0530 Wed, 08 Apr 2020 17:26:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394308 The tribunal upheld the Principal Commissioner of Income Tax's exercise of revision jurisdiction under Section 263, finding the assessment order allowing the set-off of Long Term Capital Loss (LTCL) against Long Term Capital Gains (LTCG) to be erroneous and prejudicial to revenue due to inadequate verification by the Assessing Officer. The tribunal directed the Assessing Officer to re-examine the LTCL set-off claim for the assessment years in question and provide the assessee with an opportunity to present relevant evidence, affirming the need for a fresh assessment order. Case-Laws Income Tax Wed, 22 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394308