https://www.taxtmi.com/caselaws?id=122822 Revision under section 263 was unsustainable because the Assessing Officer had adopted a permissible view on the treatment of interest payment after the project was abandoned before completion. The assessee's receipts were not income in the normal sense, the business cycle had stopped, and there was no continuing work-in-progress requiring a different tax treatment. The interest liability had crystallised only on settlement during the relevant previous year. On these facts, the assessment order could not be treated as erroneous merely because another view was possible, and prejudice to the Revenue was not established. The revision order was therefore set aside in favour of the assessee. en-us Thu, 23 Jul 2009 00:00:00 +0530 Fri, 17 Aug 2012 16:45:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122822 Revision under section 263 was unsustainable because the Assessing Officer had adopted a permissible view on the treatment of interest payment after the project was abandoned before completion. The assessee's receipts were not income in the normal sense, the business cycle had stopped, and there was no continuing work-in-progress requiring a different tax treatment. The interest liability had crystallised only on settlement during the relevant previous year. On these facts, the assessment order could not be treated as erroneous merely because another view was possible, and prejudice to the Revenue was not established. The revision order was therefore set aside in favour of the assessee. Case-Laws Income Tax Thu, 23 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122822