https://www.taxtmi.com/caselaws?id=241291 The appellate tribunal set aside the revision order under section 263 of the Income Tax Act for the assessment year 2007-08, as the Commissioner of Income Tax failed to establish both error and prejudice to revenue. The original assessment order was reinstated, emphasizing the necessity of proper inquiries and adherence to legal principles in revision proceedings. The judgment underscores that revisional powers must be exercised fairly and with sufficient material to support prima facie errors and prejudice. en-us Wed, 25 Sep 2013 00:00:00 +0530 Fri, 20 Dec 2013 05:46:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241291 The appellate tribunal set aside the revision order under section 263 of the Income Tax Act for the assessment year 2007-08, as the Commissioner of Income Tax failed to establish both error and prejudice to revenue. The original assessment order was reinstated, emphasizing the necessity of proper inquiries and adherence to legal principles in revision proceedings. The judgment underscores that revisional powers must be exercised fairly and with sufficient material to support prima facie errors and prejudice. Case-Laws Income Tax Wed, 25 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241291