https://www.taxtmi.com/caselaws?id=68834 Section 263 revision requires demonstrable prejudice to the Revenue arising from the assessment order itself; mere anticipation that computed business loss, unabsorbed depreciation or section 80J deficiency may be set off in a later year is insufficient. The Tribunal held that, where the assessment year record showed no finding that the computation was wrong or excessive, possible future tax consequences were only conjectural and could not justify revising the assessments. On that basis, the Commissioner's revision orders were unsustainable and were set aside for both assessment years, with the original assessments restored. en-us Mon, 31 Jan 1983 00:00:00 +0530 Sat, 02 Apr 2011 10:14:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68834 Section 263 revision requires demonstrable prejudice to the Revenue arising from the assessment order itself; mere anticipation that computed business loss, unabsorbed depreciation or section 80J deficiency may be set off in a later year is insufficient. The Tribunal held that, where the assessment year record showed no finding that the computation was wrong or excessive, possible future tax consequences were only conjectural and could not justify revising the assessments. On that basis, the Commissioner's revision orders were unsustainable and were set aside for both assessment years, with the original assessments restored. Case-Laws Income Tax Mon, 31 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68834