https://www.taxtmi.com/caselaws?id=181921 The Supreme Court allowed the appeals by the assessee, quashing the order passed by the Commissioner of Income Tax (CIT) for the assessment years 1999-2000 and 2000-01. The Court held that the Assessing Officer's interpretation regarding the waiver of the principal loan portion was valid and not erroneous. The CIT's order was deemed not erroneous as the AO's view was considered one of the possible interpretations, in line with the decision in Malabar Industrial Co. Ltd. vs. CIT. The Court emphasized that an incorrect assumption of fact or law application could render an order prejudicial to the interests of the Revenue under section 263 of the Income Tax Act. en-us Tue, 02 Mar 2010 00:00:00 +0530 Wed, 27 Apr 2016 17:49:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181921 The Supreme Court allowed the appeals by the assessee, quashing the order passed by the Commissioner of Income Tax (CIT) for the assessment years 1999-2000 and 2000-01. The Court held that the Assessing Officer's interpretation regarding the waiver of the principal loan portion was valid and not erroneous. The CIT's order was deemed not erroneous as the AO's view was considered one of the possible interpretations, in line with the decision in Malabar Industrial Co. Ltd. vs. CIT. The Court emphasized that an incorrect assumption of fact or law application could render an order prejudicial to the interests of the Revenue under section 263 of the Income Tax Act. Case-Laws Income Tax Tue, 02 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181921