| |
| The Tax Publishers2021 TaxPub(DT) 3554 (Kol-Trib) INCOME TAX ACT, 1961
Section 263
On the loss incurred on sale of shares of M/s. Ankit Metal & Power, AO had conducted enquiries and disallowed loss claimed on this transaction in the assessment order and hence, it could not be a ground for making revision and there was no prejudice caused to the revenue.
|
Revision under section 263 - Erroneous and prejudicial order - Proper enquiry made by AO -
Pr. CIT treated order passed by AO as erroneous and prejudicial to the interest of revenue on the ground that enquiries were not conducted to the fullest extent to ascetain the details of losses sustained by the assessee on sale of shares of M/s. Ankit Metal & Power. Held: On the loss incurred on sale of shares of M/s. Ankit Metal & Power, AO had conducted enquiries and disallowed loss claimed on this transaction in the assessment order and hence, it could not be a ground for making revision and there was no prejudice caused to the revenue.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2015-16
INCOME TAX ACT, 1961
Section 263
 SUBSCRIBE FOR FULL CONTENT
|