https://www.taxtmi.com/caselaws?id=214253 The court ruled in favor of the assessee, setting aside the Commissioner's order under section 263 of the Income Tax Act for the assessment year 2005-06. The judgment emphasized that the Commissioner's revisional power is limited to cases where both error and prejudice to the Revenue exist. In this case, as the Assessing Officer had diligently examined the issue of cash credits and made a reasoned decision, the court found the original assessment to be valid and not erroneous. Therefore, the court upheld the original assessment, highlighting the importance of the Assessing Officer's decision-making process in such matters. en-us Wed, 24 Aug 2011 00:00:00 +0530 Mon, 25 Jun 2012 09:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214253 The court ruled in favor of the assessee, setting aside the Commissioner's order under section 263 of the Income Tax Act for the assessment year 2005-06. The judgment emphasized that the Commissioner's revisional power is limited to cases where both error and prejudice to the Revenue exist. In this case, as the Assessing Officer had diligently examined the issue of cash credits and made a reasoned decision, the court found the original assessment to be valid and not erroneous. Therefore, the court upheld the original assessment, highlighting the importance of the Assessing Officer's decision-making process in such matters. Case-Laws Income Tax Wed, 24 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214253