https://www.taxtmi.com/caselaws?id=62841 Revisional power under section 16 of the Companies (Profits) Surtax Act, 1964 is available only when the assessment order is both erroneous and prejudicial to the interests of revenue. On the material before the Surtax Officer, the treatment of the amount standing in the profit and loss appropriation account as part of reserves and surplus for capital employed was one of the possible legal views and was supported by the company accounts. The Commissioner could not revise the assessment merely because a different view was preferred. The original assessment was therefore not shown to be legally or revenue-prejudicial, and revisional jurisdiction was unavailable. en-us Tue, 14 Feb 1989 00:00:00 +0530 Wed, 01 Feb 2012 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62841 Revisional power under section 16 of the Companies (Profits) Surtax Act, 1964 is available only when the assessment order is both erroneous and prejudicial to the interests of revenue. On the material before the Surtax Officer, the treatment of the amount standing in the profit and loss appropriation account as part of reserves and surplus for capital employed was one of the possible legal views and was supported by the company accounts. The Commissioner could not revise the assessment merely because a different view was preferred. The original assessment was therefore not shown to be legally or revenue-prejudicial, and revisional jurisdiction was unavailable. Case-Laws Income Tax Tue, 14 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62841