https://www.taxtmi.com/caselaws?id=401859 The Tribunal held that the Assessing Officer (AO) erred in invoking section 154 of the Income Tax Act to disallow the carry forward of Long Term Capital Loss (LTCL) and Short Term Capital Loss (STCL) as these issues were debatable and fell outside the scope of section 154. The AO's actions were deemed unjustified, and the Tribunal allowed the assessee's additional grounds challenging the AO's jurisdiction under section 154, partially granting the cross objections raised by the assessee. The Tribunal directed that the jurisdiction issue must be resolved before addressing the case's merits. en-us Wed, 09 Dec 2020 00:00:00 +0530 Fri, 18 Dec 2020 16:34:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401859 The Tribunal held that the Assessing Officer (AO) erred in invoking section 154 of the Income Tax Act to disallow the carry forward of Long Term Capital Loss (LTCL) and Short Term Capital Loss (STCL) as these issues were debatable and fell outside the scope of section 154. The AO's actions were deemed unjustified, and the Tribunal allowed the assessee's additional grounds challenging the AO's jurisdiction under section 154, partially granting the cross objections raised by the assessee. The Tribunal directed that the jurisdiction issue must be resolved before addressing the case's merits. Case-Laws Income Tax Wed, 09 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401859