https://www.taxtmi.com/caselaws?id=59531 The Tribunal dismissed the assessee's appeal, upholding the CIT's order under section 263 of the Income-tax Act. It confirmed that the AO's acceptance of the loss claimed on the sale of import entitlement licenses was erroneous and prejudicial to the revenue. The Tribunal supported the CIT's jurisdiction to revise the AO's order, emphasizing the necessity of thorough examination and inquiry in assessments. The Tribunal concluded that the claimed deduction for the loss was untenable, as the licenses were previously considered for deduction under section 80HHC, and the AO's lack of scrutiny rendered the order erroneous and prejudicial to the revenue. en-us Fri, 13 Jan 2006 00:00:00 +0530 Tue, 02 Apr 2024 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59531 The Tribunal dismissed the assessee's appeal, upholding the CIT's order under section 263 of the Income-tax Act. It confirmed that the AO's acceptance of the loss claimed on the sale of import entitlement licenses was erroneous and prejudicial to the revenue. The Tribunal supported the CIT's jurisdiction to revise the AO's order, emphasizing the necessity of thorough examination and inquiry in assessments. The Tribunal concluded that the claimed deduction for the loss was untenable, as the licenses were previously considered for deduction under section 80HHC, and the AO's lack of scrutiny rendered the order erroneous and prejudicial to the revenue. Case-Laws Income Tax Fri, 13 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59531