https://www.taxtmi.com/caselaws?id=63281 Revision under section 263 cannot displace an Assessing Officer's legally sustainable possible view on a debatable issue merely because the Commissioner prefers a different view. Interest connected with compulsory land acquisition requires examination of whether it compensates for deprivation of money following valid vesting, or for loss of the right to retain possession when possession was taken outside the statutory framework. Where the Assessing Officer examined the acquisition record, governing law and relevant precedents and treated the receipt as capital in nature on the facts, the assessment is not both erroneous and prejudicial to Revenue interests. The revisional order was therefore quashed and the assessment restored. en-us Tue, 04 Nov 2003 00:00:00 +0530 Fri, 28 Jan 2011 18:35:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63281 Revision under section 263 cannot displace an Assessing Officer's legally sustainable possible view on a debatable issue merely because the Commissioner prefers a different view. Interest connected with compulsory land acquisition requires examination of whether it compensates for deprivation of money following valid vesting, or for loss of the right to retain possession when possession was taken outside the statutory framework. Where the Assessing Officer examined the acquisition record, governing law and relevant precedents and treated the receipt as capital in nature on the facts, the assessment is not both erroneous and prejudicial to Revenue interests. The revisional order was therefore quashed and the assessment restored. Case-Laws Income Tax Tue, 04 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63281