Held that the provisions of Section 28, 72 and 73 of the Act and held that the assessee was justified in claiming set off of brought forward non speculative business loss against the profit of speculative business and the assessment order passed by the AO is neither suffering from any error nor prejudicial to the interest of the revenue. Hence, the order u/s 263 passed by the Pr. CIT is quashed. (AY. 2016-17)
Puli Ashok Reddy v. PCIT (2022) 64 CCH 372 / 216 TTJ 977 / 212 DTR 249 (Hyd.)(Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Claim of set off of non speculative business loss against the profit of speculated business-Revision order is quashed. [passed by the PCIT u/s. 263 of the Act is quashed. [S. 28 (i), 72, 73]