https://www.taxtmi.com/caselaws?id=409120 The Tribunal held that the Commissioner of Income Tax (CIT) did not have jurisdiction to invoke Section 263 of the Income Tax Act, 1961, as the assessment order was not erroneous or prejudicial to the Revenue's interest. The Tribunal found the waiver of loan to be a capital receipt, following precedents, and set aside the CIT's order, reinstating the Assessing Officer's decision. The appeal of the assessee was allowed, and the order was pronounced on 18.06.2021. en-us Fri, 18 Jun 2021 00:00:00 +0530 Tue, 29 Jun 2021 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409120 The Tribunal held that the Commissioner of Income Tax (CIT) did not have jurisdiction to invoke Section 263 of the Income Tax Act, 1961, as the assessment order was not erroneous or prejudicial to the Revenue's interest. The Tribunal found the waiver of loan to be a capital receipt, following precedents, and set aside the CIT's order, reinstating the Assessing Officer's decision. The appeal of the assessee was allowed, and the order was pronounced on 18.06.2021. Case-Laws Income Tax Fri, 18 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409120