https://www.taxtmi.com/caselaws?id=68198 Section 263 revision requires the assessment order to be both erroneous and prejudicial to the interests of the Revenue. Here, the Assessing Officer had examined the survey material, issued queries, considered the replies and taken a reasoned view that the assessee-society existed for educational purposes and used its surplus for institutional objects. The Commissioner did not establish any concrete error, cessation of the educational object, profit motive, or diversion of funds to members. As the allegation was based only on a different view and not on demonstrable prejudice, revision under section 263 was held unsustainable and the exemption under section 10(22) was maintained. en-us Mon, 14 Jun 2004 00:00:00 +0530 Fri, 05 Jul 2024 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68198 Section 263 revision requires the assessment order to be both erroneous and prejudicial to the interests of the Revenue. Here, the Assessing Officer had examined the survey material, issued queries, considered the replies and taken a reasoned view that the assessee-society existed for educational purposes and used its surplus for institutional objects. The Commissioner did not establish any concrete error, cessation of the educational object, profit motive, or diversion of funds to members. As the allegation was based only on a different view and not on demonstrable prejudice, revision under section 263 was held unsustainable and the exemption under section 10(22) was maintained. Case-Laws Income Tax Mon, 14 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68198