https://www.taxtmi.com/caselaws?id=780196 ITAT MUMBAI - AT allowed the assessee's appeal, holding the PCIT's revision under s.263 unwarranted as the AO had made specific inquiries and legitimately adopted one of two available legal views. The Tribunal upheld recognition of capital loss on reduction of share capital, accepted short-term capital loss on waiver of a loan (loan treated as capital asset), and allowed deduction for bad debt written off as interest receivable, finding the assessee had discharged its burden. The revision order was set aside. en-us Fri, 26 Sep 2025 00:00:00 +0530 Sat, 25 Oct 2025 09:00:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780196 ITAT MUMBAI - AT allowed the assessee's appeal, holding the PCIT's revision under s.263 unwarranted as the AO had made specific inquiries and legitimately adopted one of two available legal views. The Tribunal upheld recognition of capital loss on reduction of share capital, accepted short-term capital loss on waiver of a loan (loan treated as capital asset), and allowed deduction for bad debt written off as interest receivable, finding the assessee had discharged its burden. The revision order was set aside. Case-Laws Income Tax Fri, 26 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780196