https://www.taxtmi.com/caselaws?id=264509 Revisional jurisdiction under section 263 is confined to assessments that are both erroneous and prejudicial to the Revenue, so it cannot be used merely because a different view is possible after the Assessing Officer has already examined the issue. On the loss from sale of Government securities, the note states that the securities were current investments sold before maturity and the resulting loss was treated as business loss, making revision unjustified. On exempt-income disallowance, the investments were shown to have come from interest-free funds and Rule 8D was not applicable retrospectively, so further revision was again unwarranted. en-us Mon, 21 Sep 2015 00:00:00 +0530 Sat, 26 Sep 2015 00:15:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264509 Revisional jurisdiction under section 263 is confined to assessments that are both erroneous and prejudicial to the Revenue, so it cannot be used merely because a different view is possible after the Assessing Officer has already examined the issue. On the loss from sale of Government securities, the note states that the securities were current investments sold before maturity and the resulting loss was treated as business loss, making revision unjustified. On exempt-income disallowance, the investments were shown to have come from interest-free funds and Rule 8D was not applicable retrospectively, so further revision was again unwarranted. Case-Laws Income Tax Mon, 21 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264509