https://www.taxtmi.com/caselaws?id=429932 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in assuming revision jurisdiction under Section 263 of the Income Tax Act in the case concerning the assessment year 2012-13. The Tribunal found that the reassessment order was not erroneous and prejudicial to the interest of the Revenue. Additionally, it was determined that the provision for foreseeable losses should be allowed while computing book profits under Section 115JB of the Act. As a result, the revision order passed by the PCIT was quashed, and the appeal of the assessee was allowed. en-us Fri, 30 Sep 2022 00:00:00 +0530 Tue, 08 Nov 2022 13:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429932 The Tribunal held that the Principal Commissioner of Income Tax (PCIT) was not justified in assuming revision jurisdiction under Section 263 of the Income Tax Act in the case concerning the assessment year 2012-13. The Tribunal found that the reassessment order was not erroneous and prejudicial to the interest of the Revenue. Additionally, it was determined that the provision for foreseeable losses should be allowed while computing book profits under Section 115JB of the Act. As a result, the revision order passed by the PCIT was quashed, and the appeal of the assessee was allowed. Case-Laws Income Tax Fri, 30 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429932