https://www.taxtmi.com/caselaws?id=211357 The Appellate Tribunal ITAT Chennai emphasized that for a revision under section 263 of the Income Tax Act, an order must be both erroneous and prejudicial to the Revenue. In this case, the Tribunal found that the Assessing Officer had thoroughly examined the issue, preventing the order from being considered erroneous due to lack of application of mind. As a result, the Tribunal concluded that the order could not be revised under section 263. The appeal was partly allowed on merits but dismissed on legal grounds. en-us Mon, 10 Oct 2011 00:00:00 +0530 Fri, 03 Feb 2012 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211357 The Appellate Tribunal ITAT Chennai emphasized that for a revision under section 263 of the Income Tax Act, an order must be both erroneous and prejudicial to the Revenue. In this case, the Tribunal found that the Assessing Officer had thoroughly examined the issue, preventing the order from being considered erroneous due to lack of application of mind. As a result, the Tribunal concluded that the order could not be revised under section 263. The appeal was partly allowed on merits but dismissed on legal grounds. Case-Laws Income Tax Mon, 10 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211357