https://www.taxtmi.com/caselaws?id=65885 An assessment completed under section 143(3) in accordance with the binding jurisdictional High Court decision prevailing on the date of the order could not be treated as erroneous or prejudicial to the revenue under section 263 merely because the Supreme Court later stayed that decision. Revisional jurisdiction must be assessed on the record and legal position existing when the assessment was made; a subsequent stay does not retrospectively alter that position or invalidate the Assessing Officer's reliance on then-binding law. The revision was therefore unsustainable, and the assessee succeeded. en-us Mon, 06 Feb 1995 00:00:00 +0530 Sat, 19 Feb 2011 10:51:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65885 An assessment completed under section 143(3) in accordance with the binding jurisdictional High Court decision prevailing on the date of the order could not be treated as erroneous or prejudicial to the revenue under section 263 merely because the Supreme Court later stayed that decision. Revisional jurisdiction must be assessed on the record and legal position existing when the assessment was made; a subsequent stay does not retrospectively alter that position or invalidate the Assessing Officer's reliance on then-binding law. The revision was therefore unsustainable, and the assessee succeeded. Case-Laws Income Tax Mon, 06 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65885