https://www.taxtmi.com/caselaws?id=404533 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, ruling in favor of the assessee. It held that the Assessing Officer had conducted appropriate inquiries and applied his mind, justifying the allowance of the assessee's claims on MTM losses. The Tribunal emphasized the necessity for the PCIT to establish both error and prejudice before invoking Section 263, which was lacking in this case. Therefore, the PCIT's order was deemed unsustainable, and the assessee's appeal was allowed. en-us Fri, 19 Feb 2021 00:00:00 +0530 Thu, 25 Feb 2021 09:10:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404533 The Tribunal set aside the Principal Commissioner of Income Tax's order under Section 263, ruling in favor of the assessee. It held that the Assessing Officer had conducted appropriate inquiries and applied his mind, justifying the allowance of the assessee's claims on MTM losses. The Tribunal emphasized the necessity for the PCIT to establish both error and prejudice before invoking Section 263, which was lacking in this case. Therefore, the PCIT's order was deemed unsustainable, and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 19 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404533