https://www.taxtmi.com/caselaws?id=767887 ITAT Kolkata allowed the assessee's appeal against PCIT's revision order u/s 263. The case involved long-term capital loss on Zero Coupon Bonds where AO permitted carry forward despite indexation issues under Section 48. ITAT held that since assessee disclosed the loss in computation, filed detailed submissions, and AO conducted enquiry before accepting the claim, there was no lack of enquiry. Citing precedent, ITAT ruled that inadequate enquiry cannot invoke Section 263 powers. The assessment order was neither erroneous nor prejudicial to revenue interests, making PCIT's revision order unsustainable. en-us Tue, 25 Mar 2025 00:00:00 +0530 Thu, 27 Mar 2025 08:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767887 ITAT Kolkata allowed the assessee's appeal against PCIT's revision order u/s 263. The case involved long-term capital loss on Zero Coupon Bonds where AO permitted carry forward despite indexation issues under Section 48. ITAT held that since assessee disclosed the loss in computation, filed detailed submissions, and AO conducted enquiry before accepting the claim, there was no lack of enquiry. Citing precedent, ITAT ruled that inadequate enquiry cannot invoke Section 263 powers. The assessment order was neither erroneous nor prejudicial to revenue interests, making PCIT's revision order unsustainable. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767887