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TMI Blog2019 (4) TMI 1231X X X X Extracts X X X X X X X X Extracts X X X X ..... the judgment of the Income Tax Appellate Tribunal ("the Tribunal" for short). Following question is presented for our consideration : "1. Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT was justified in quashing the order passed by CIT-8 u/s. 263 of the IT Act, 1961 without appreciating the facts of the case and the fact that the assessing officer while passi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment in revision under Section 263 of the Income Tax Act, 1961 ("the Act" for short) on the ground that the Assessing Officer had not carried out any enquiries as to the nature of expenditure being capital or not. The assessee carried the matter in Appeal before the Tribunal. The Tribunal, by the impugned judgment allowed the assessee's Appeal holding that the Assessing Officer had ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hese factors led to the market value of the CDs declining dramatically. It was on account of these reasons, that the assessee had incurred substantial loss arising out of reduction in the value of stock lying at the end of the year. The Tribunal, therefore noted that the Assessing Officer had carried out detailed enquiries and taken a plausible view. 4. We see no reason to interfere with the vie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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