https://www.taxtmi.com/caselaws?id=438364 The Tribunal held that the jurisdiction under Section 263 of the Income Tax Act cannot be invoked for debatable issues regarding the adjustment of long term capital loss on mutual funds against long term capital gain. Citing conflicting views and precedents, the Tribunal deemed the order under Section 263 invalid and quashed it. The Tribunal also found that the issue of setting off long term capital loss on securities against long term capital gain is debatable, and since the Assessing Officer had taken a permissible view, the jurisdiction under Section 263 was not applicable. Consequently, the order under Section 263 was quashed, and the appeal of the assessee was allowed. en-us Tue, 28 Mar 2023 00:00:00 +0530 Tue, 30 May 2023 09:00:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438364 The Tribunal held that the jurisdiction under Section 263 of the Income Tax Act cannot be invoked for debatable issues regarding the adjustment of long term capital loss on mutual funds against long term capital gain. Citing conflicting views and precedents, the Tribunal deemed the order under Section 263 invalid and quashed it. The Tribunal also found that the issue of setting off long term capital loss on securities against long term capital gain is debatable, and since the Assessing Officer had taken a permissible view, the jurisdiction under Section 263 was not applicable. Consequently, the order under Section 263 was quashed, and the appeal of the assessee was allowed. Case-Laws Income Tax Tue, 28 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438364