Held that\u00a0 the audit party had raised an objection on the very same subject of allowability of long-term capital loss and the Assessing Officer had not accepted it. The revision proceedings had been invoked by the Principal Commissioner under section\u00a0263\u00a0of the Act on the very same subject, based on the audit objection, which was nothing but borrowed satisfaction. Hence the revision proceedings under section\u00a0263\u00a0of the Act were bad in law. Merely because the Principal Commissioner was of a different view on the same issue, he could not invoke the revision jurisdiction under section\u00a0263\u00a0of the Act. Nor would Explanation 2 to section\u00a0263\u00a0of the Act apply as adequate enquiry had already been made by the Assessing Officer in the original assessment proceedings. (AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Long term capital loss-Audit objection-Assessing Officer depending his view in response to audit query-Revision order is held to be not valid. [S. 143(3)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-25638","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6Fw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=25638"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25638\/revisions"}],"predecessor-version":[{"id":25639,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/25638\/revisions\/25639"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=25638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=25638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=25638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}