https://www.taxtmi.com/caselaws?id=407912 The Tribunal quashed the revision order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act. It held that the Assessing Officer (AO) had conducted adequate inquiries, took a possible view on the Long Term Capital Loss (LTCL) issue, and the PCIT's differing view did not justify revision. The Tribunal emphasized that the revision proceedings were based on borrowed satisfaction from an audit objection, not an independent application of mind by the PCIT. The appeal of the assessee was allowed, and the Tribunal directed the quashing of the revision order. en-us Mon, 24 May 2021 00:00:00 +0530 Wed, 26 May 2021 08:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407912 The Tribunal quashed the revision order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act. It held that the Assessing Officer (AO) had conducted adequate inquiries, took a possible view on the Long Term Capital Loss (LTCL) issue, and the PCIT's differing view did not justify revision. The Tribunal emphasized that the revision proceedings were based on borrowed satisfaction from an audit objection, not an independent application of mind by the PCIT. The appeal of the assessee was allowed, and the Tribunal directed the quashing of the revision order. Case-Laws Income Tax Mon, 24 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407912