High Court Rules CIT Misunderstood Loss in Investment Transfer, Incorrectly Exercised Jurisdiction u/s 263, Affecting MAT Computation.

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....Computation of MAT u/s 15JB - Book Profit - Once it is realized that the assessee had correctly debited the profit and loss account for the loss arising out of the transfer of investment division, there remains no difficulty in realizing that the CIT proceeded on a wrong premise which was responsible for exercise of jurisdiction under Section 263 which he would not have done if he had realized the correct position - HC....