https://www.taxtmi.com/caselaws?id=421238 The Tribunal held that the Assessing Officer (AO) correctly allowed the set-off of brought forward business loss against short term capital gain. The AO's order was deemed neither erroneous nor prejudicial to the Revenue's interests. The Principal Commissioner of Income Tax's (Pr. CIT) invocation of revisional powers under Section 263 was deemed unjustified. The Pr. CIT's order was quashed, and the assessee's appeal was allowed. The Tribunal emphasized that the Pr. CIT should have independently assessed the issue before overturning the AO's decision. en-us Mon, 18 Apr 2022 00:00:00 +0530 Tue, 19 Apr 2022 22:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421238 The Tribunal held that the Assessing Officer (AO) correctly allowed the set-off of brought forward business loss against short term capital gain. The AO's order was deemed neither erroneous nor prejudicial to the Revenue's interests. The Principal Commissioner of Income Tax's (Pr. CIT) invocation of revisional powers under Section 263 was deemed unjustified. The Pr. CIT's order was quashed, and the assessee's appeal was allowed. The Tribunal emphasized that the Pr. CIT should have independently assessed the issue before overturning the AO's decision. Case-Laws Income Tax Mon, 18 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421238