https://www.taxtmi.com/caselaws?id=424662 The tribunal allowed the assessee's appeal, determining that the Principal Commissioner of Income Tax's order under section 263 was without jurisdiction, wrong, and illegal. The Assessing Officer's order was found not to be erroneous or prejudicial to the Revenue, as it pertained to specific issues within the limited scrutiny assessment scope. The inclusion of long-term capital gains in computing book profit under section 115JB was deemed unnecessary due to resulting losses after considering indexed cost of acquisition. The tribunal emphasized that revision jurisdiction cannot be exercised based on unexamined issues beyond the limited scrutiny assessment. en-us Mon, 27 Jun 2022 00:00:00 +0530 Sat, 20 Aug 2022 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424662 The tribunal allowed the assessee's appeal, determining that the Principal Commissioner of Income Tax's order under section 263 was without jurisdiction, wrong, and illegal. The Assessing Officer's order was found not to be erroneous or prejudicial to the Revenue, as it pertained to specific issues within the limited scrutiny assessment scope. The inclusion of long-term capital gains in computing book profit under section 115JB was deemed unnecessary due to resulting losses after considering indexed cost of acquisition. The tribunal emphasized that revision jurisdiction cannot be exercised based on unexamined issues beyond the limited scrutiny assessment. Case-Laws Income Tax Mon, 27 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424662