https://www.taxtmi.com/caselaws?id=440337 The Tribunal allowed the appeal, setting aside the Principal Commissioner of Income-Tax's order under Section 263 for the Assessment Year 2017-18. It was found that the PCIT's exercise of revisionary powers was unfounded as there was no error in the Assessing Officer's order regarding the treatment of short-term capital gain. The Tribunal emphasized that revisionary powers should only correct errors, not for verification purposes, in line with legal precedents. The judgment underscored adherence to legal provisions and precedents in exercising revisionary powers under the Income-tax Act, ruling in favor of the assessee. en-us Wed, 12 Jul 2023 00:00:00 +0530 Fri, 14 Jul 2023 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440337 The Tribunal allowed the appeal, setting aside the Principal Commissioner of Income-Tax's order under Section 263 for the Assessment Year 2017-18. It was found that the PCIT's exercise of revisionary powers was unfounded as there was no error in the Assessing Officer's order regarding the treatment of short-term capital gain. The Tribunal emphasized that revisionary powers should only correct errors, not for verification purposes, in line with legal precedents. The judgment underscored adherence to legal provisions and precedents in exercising revisionary powers under the Income-tax Act, ruling in favor of the assessee. Case-Laws Income Tax Wed, 12 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440337