https://www.taxtmi.com/caselaws?id=177955 Revision under section 263 was unsustainable where the assessment under section 143(3) had been made after considering the record and the Assessing Officer had adopted one permissible view. The Commissioner could not withdraw the section 10B deduction merely because he preferred another interpretation, especially where the revision relied on a later CBDT clarification and no material overlooked by the Assessing Officer was shown. The assessment had also been accepted in the earlier year, supporting the view that no prejudicial error warranting revision was established. The revisional order was set aside and the assessment restored. en-us Fri, 15 Jul 2011 00:00:00 +0530 Fri, 22 Jan 2016 16:48:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177955 Revision under section 263 was unsustainable where the assessment under section 143(3) had been made after considering the record and the Assessing Officer had adopted one permissible view. The Commissioner could not withdraw the section 10B deduction merely because he preferred another interpretation, especially where the revision relied on a later CBDT clarification and no material overlooked by the Assessing Officer was shown. The assessment had also been accepted in the earlier year, supporting the view that no prejudicial error warranting revision was established. The revisional order was set aside and the assessment restored. Case-Laws Income Tax Fri, 15 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177955