Mere error would not confer jurisdiction to exercise revisional power U/s. 263

Facts of the case

The assessee company was engaged in the business of manufacturing of MS Angles, Channels, Round bars etc. It filed its ROI, declaring net loss of Rs.5797350/- computed after setting off the brought forward depreciation loss with short term capital gain on sale of wind mill in current year. Recording this reason on the ground, AO issued notice u/s 148. In response, assessee filed the return and submitted that carried forward depreciation loss should be treated as current year’s depreciation

Please become a Premium member. If you are already a Premium member, login here to access the full content.