https://www.taxtmi.com/caselaws?id=329414 Where the Assessing Officer had examined the computation method of a life-insurance business and adopted a lawful possible view under section 44 read with the First Schedule, revision under section 263 was not justified. The assessee's accounts followed the prescribed regulatory form with policyholders' and shareholders' accounts, and the material showed that the issue was considered during assessment. Transfers between those accounts were treated as tax neutral, and the Tribunal view relied on supported consolidation for arriving at taxable surplus or deficit. As both error in the assessment order and prejudice to the Revenue were absent, the revisionary order was set aside. en-us Fri, 29 Apr 2016 00:00:00 +0530 Wed, 22 Jun 2016 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329414 Where the Assessing Officer had examined the computation method of a life-insurance business and adopted a lawful possible view under section 44 read with the First Schedule, revision under section 263 was not justified. The assessee's accounts followed the prescribed regulatory form with policyholders' and shareholders' accounts, and the material showed that the issue was considered during assessment. Transfers between those accounts were treated as tax neutral, and the Tribunal view relied on supported consolidation for arriving at taxable surplus or deficit. As both error in the assessment order and prejudice to the Revenue were absent, the revisionary order was set aside. Case-Laws Income Tax Fri, 29 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329414