https://www.taxtmi.com/caselaws?id=1901 The court held that an assessment made on an agreed basis after considering discrepancies cannot be deemed "erroneous" under section 263 of the Income-tax Act, 1961. The Commissioner's attempt to intervene was considered impermissible as it amounted to a change of opinion without sufficient legal basis. The Tribunal's decision to cancel the Commissioner's order was upheld, emphasizing that the agreed addition by the assessee, based on earlier highlighted discrepancies, did not warrant the exercise of powers under section 263. The judgment favored the assessee, affirming the Tribunal's decision. en-us Tue, 06 Feb 2007 00:00:00 +0530 Sun, 08 May 2011 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1901 The court held that an assessment made on an agreed basis after considering discrepancies cannot be deemed "erroneous" under section 263 of the Income-tax Act, 1961. The Commissioner's attempt to intervene was considered impermissible as it amounted to a change of opinion without sufficient legal basis. The Tribunal's decision to cancel the Commissioner's order was upheld, emphasizing that the agreed addition by the assessee, based on earlier highlighted discrepancies, did not warrant the exercise of powers under section 263. The judgment favored the assessee, affirming the Tribunal's decision. Case-Laws Income Tax Tue, 06 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1901