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2024 (1) TMI 162 - DELHI HIGH COURTRevision u/s 263 - CIT(A)’s view that the loss claimed by assessee upon transfer of shares concerning Indian entities was both erroneous and prejudicial to the interest of revenue - HELD THAT:- The record shows that in the notes of accounts appended to the balance sheet as on 31.03.2017, the respondent/assessee had clearly indicated that it was not carrying forward the cumulative loss. It is not in dispute that the assessee has not carried forward the aforementioned loss registered upon transfer of the shares of the Indian entities. Respondent says that he has instruction to convey to the court that the said loss will not be carried forward. It is, therefore, in these circumstances, no prejudice can be caused to the revenue. Concededly, for invoking powers under Section 263 of the Act, twin conditions have to be satisfied i.e., the order of the AO should be erroneous and prejudicial to the interest of the revenue. The other condition is not fulfilled. Therefore, the appeal is disposed of, based on the statement made by Respondent which shall bind the respondent/assessee.
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