https://www.taxtmi.com/caselaws?id=12151 Revisionary action under section 263 was not justified because the Tribunal found that the assessment order was neither erroneous nor prejudicial to the interests of the Revenue. The dispute on the extent of discount to be allowed in valuing closing stock was treated as a question of fact, and there was no finding that the assessee's valuation method caused any loss of revenue. In the absence of the statutory conditions for revision, interference under section 263 could not be sustained, and the issue was decided in favour of the assessee. en-us Wed, 09 Oct 2002 00:00:00 +0530 Wed, 17 Feb 2010 19:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12151 Revisionary action under section 263 was not justified because the Tribunal found that the assessment order was neither erroneous nor prejudicial to the interests of the Revenue. The dispute on the extent of discount to be allowed in valuing closing stock was treated as a question of fact, and there was no finding that the assessee's valuation method caused any loss of revenue. In the absence of the statutory conditions for revision, interference under section 263 could not be sustained, and the issue was decided in favour of the assessee. Case-Laws Income Tax Wed, 09 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12151