https://www.taxtmi.com/caselaws?id=249770 Revision under section 263 was held unsustainable where the assessment allowed exemption under section 10B although the assessee said the correct claim was under section 10A. The assessment could be treated as erroneous for applying the wrong provision, but section 263 requires both error and prejudice to the Revenue. As the record did not show ineligibility for section 10A, and the deduction amount would have remained the same if examined under the correct provision, the Commissioner was required to verify eligibility under section 10A before finding prejudice. The twin statutory conditions for revision were therefore not satisfied. en-us Wed, 16 Jul 2014 00:00:00 +0530 Wed, 23 Jul 2014 08:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249770 Revision under section 263 was held unsustainable where the assessment allowed exemption under section 10B although the assessee said the correct claim was under section 10A. The assessment could be treated as erroneous for applying the wrong provision, but section 263 requires both error and prejudice to the Revenue. As the record did not show ineligibility for section 10A, and the deduction amount would have remained the same if examined under the correct provision, the Commissioner was required to verify eligibility under section 10A before finding prejudice. The twin statutory conditions for revision were therefore not satisfied. Case-Laws Income Tax Wed, 16 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249770