The Principal Commissioner was justified in assuming the jurisdiction under section 263 of the Act by setting aside the assessment order. However, the observations of the Principal Commissioner on the merits of the case with regard to the deductions from the capital gains as claimed by the assessee were superfluous and that the Assessing Officer was to examine the claim made by the assessee based on the merits afresh uninfluenced by any of the observations of the Principal Commissioner. (AY. 2015-16).
Dr. R. Sridhar v. PCIT (2022) 97 ITR 71 (SN) (Bang)(Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Sale of Shares-Capital Gains-Deduction towards indemnity claim and Ex gratia claim of employees not allowable-Jurisdiction rightly invoked-Assessing Officer to examine matter afresh uninfluenced by observations of Principal Commissioner.[S. 37(1), 143(3)]