CIT's Section 263 revision questioned: Is loan waiver a capital receipt? Prior assessment already reviewed this issue.

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....Revision u/s 263 by CIT - Whether waiver of loan has been held to be capital receipt - the basis for assuming jurisdiction u/s. 263 of the Act is Note II to Schedule XIIIB of the balance sheet was very much examined by the Assessing Officer while framing assessment order u/s. 143(3) of the Act and, therefore, it cannot be said that there was no application of mind by the Assessing Officer.- AT....