https://www.taxtmi.com/caselaws?id=436434 The Tribunal allowed the appeal filed by the assessee, quashing the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act. The Tribunal held that the PCIT could not revise the assessment order as it was not both erroneous and prejudicial to the interest of the Revenue. Referring to relevant judicial precedents, the Tribunal concluded that the treatment of the loss on sale of investment as a business loss was supported, ultimately ruling in favor of the assessee. en-us Fri, 24 Feb 2023 00:00:00 +0530 Thu, 13 Apr 2023 07:59:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436434 The Tribunal allowed the appeal filed by the assessee, quashing the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 of the Income Tax Act. The Tribunal held that the PCIT could not revise the assessment order as it was not both erroneous and prejudicial to the interest of the Revenue. Referring to relevant judicial precedents, the Tribunal concluded that the treatment of the loss on sale of investment as a business loss was supported, ultimately ruling in favor of the assessee. Case-Laws Income Tax Fri, 24 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436434