https://www.taxtmi.com/caselaws?id=441299 The Tribunal allowed the assessee's appeal, quashing the order issued by the Principal Commissioner of Income Tax under section 263 of the Income Tax Act. It was found that the Assessing Officer had appropriately examined the Mark to Market loss during assessment, adequately inquired about the loss, and the treatment of the loss was in line with accounting guidelines and judicial decisions. The Tribunal held that the order was not erroneous or prejudicial to the Revenue, leading to the decision in favor of the assessee. en-us Thu, 13 Jul 2023 00:00:00 +0530 Sat, 05 Aug 2023 08:05:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441299 The Tribunal allowed the assessee's appeal, quashing the order issued by the Principal Commissioner of Income Tax under section 263 of the Income Tax Act. It was found that the Assessing Officer had appropriately examined the Mark to Market loss during assessment, adequately inquired about the loss, and the treatment of the loss was in line with accounting guidelines and judicial decisions. The Tribunal held that the order was not erroneous or prejudicial to the Revenue, leading to the decision in favor of the assessee. Case-Laws Income Tax Thu, 13 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441299