Peerless General Finance & Investment Company Ltd. v. DCIT (2021) 87 ITR 281 / 211 TTJ 823 / 203 DTR 103 (Kol.)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Order of Assessing Officer was in consonance with the view taken by the Tribunal, revision order was quashed. [S. 2(14), 2(29A)(2)(47), 251]

Assessee claimed a Long-Term Capital Loss, disallowed by AO, but covered by assessee’s own case, hence allowed. Further, error in computing short-term capital gain arising from sale of flats without taking into stamp duty amount into consideration by AO was sought to be rectified by the CIT(A).  PCIT revised the order of the AO. On appeal Tribunal  held that the order of Assessing Officer was in consonance  with the view taken by the  Tribunal, revision order was quashed. AY 2014-15)