https://www.taxtmi.com/caselaws?id=426390 The High Court dismissed the revenue's appeal challenging the ITAT's order for the assessment year 2014-15. It held that the Principal Commissioner's invocation of Section 263 was not justified as the assessment order was not erroneous. The Court found the claimed losses on commodities by the assessee to be legitimate, especially after the company involved surrendered its membership in the stock exchange. The Court also noted procedural errors by the PCIT in relying on new information not part of the original notice. Consequently, the appeal was dismissed, and the stay application was closed. en-us Mon, 08 Aug 2022 00:00:00 +0530 Tue, 16 Aug 2022 09:05:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426390 The High Court dismissed the revenue's appeal challenging the ITAT's order for the assessment year 2014-15. It held that the Principal Commissioner's invocation of Section 263 was not justified as the assessment order was not erroneous. The Court found the claimed losses on commodities by the assessee to be legitimate, especially after the company involved surrendered its membership in the stock exchange. The Court also noted procedural errors by the PCIT in relying on new information not part of the original notice. Consequently, the appeal was dismissed, and the stay application was closed. Case-Laws Income Tax Mon, 08 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426390