https://www.taxtmi.com/caselaws?id=798464 A consequential assessment framed under Section 143(3) read with Section 263 lacks an independent legal basis when the revisional order under Section 263 that authorised it has been quashed for a jurisdictional defect and the original assessment stands restored. In those circumstances, the consequential assessment cannot survive, and the disallowance is deleted. The characterisation of the claimed loss as capital or revenue expenditure does not require consideration because the assessment fails for want of a valid jurisdictional foundation. en-us Mon, 10 Aug 2026 00:00:00 +0530 Tue, 08 Sep 2026 08:42:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798464 A consequential assessment framed under Section 143(3) read with Section 263 lacks an independent legal basis when the revisional order under Section 263 that authorised it has been quashed for a jurisdictional defect and the original assessment stands restored. In those circumstances, the consequential assessment cannot survive, and the disallowance is deleted. The characterisation of the claimed loss as capital or revenue expenditure does not require consideration because the assessment fails for want of a valid jurisdictional foundation. Case-Laws Income Tax Mon, 10 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798464