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Revisionary jurisdiction under section 263 cannot be invoked where the Assessing Officer specifically examined the nature and allowability of ESOP expenditure, considered supporting material, and adopted a legally permissible view under section 37(1). A concise assessment order does not by itself establish lack of enquiry. Where two permissible views exist, an assessment is not erroneous and prejudicial to Revenue merely because the Commissioner prefers another view. Admission of an SLP without a stay or reversal does not make the High Court view unsustainable. The revisionary order was quashed.
Revisionary jurisdiction under section 263 cannot be invoked where the Assessing Officer specifically examined the nature and allowability of ESOP expenditure, considered supporting material, and adopted a legally permissible view under section 37(1). A concise assessment order does not by itself establish lack of enquiry. Where two permissible views exist, an assessment is not erroneous and prejudicial to Revenue merely because the Commissioner prefers another view. Admission of an SLP without a stay or reversal does not make the High Court view unsustainable. The revisionary order was quashed.
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