https://www.taxtmi.com/caselaws?id=365653 The Tribunal allowed the appeal, setting aside the revision proceedings under Section 263 and the subsequent revision in the assessment order regarding interest expenses disallowance. It held that the Assessing Officer had taken a permissible view in law, meeting the conditions for invoking Section 263. The initiation of revision proceedings was deemed invalid as the order, although prejudicial to revenue, was not erroneous. The Tribunal emphasized that disagreement by the Principal Commissioner of Income Tax with the AO's decision did not render it erroneous. en-us Tue, 31 Jul 2018 00:00:00 +0530 Tue, 21 Aug 2018 07:54:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365653 The Tribunal allowed the appeal, setting aside the revision proceedings under Section 263 and the subsequent revision in the assessment order regarding interest expenses disallowance. It held that the Assessing Officer had taken a permissible view in law, meeting the conditions for invoking Section 263. The initiation of revision proceedings was deemed invalid as the order, although prejudicial to revenue, was not erroneous. The Tribunal emphasized that disagreement by the Principal Commissioner of Income Tax with the AO's decision did not render it erroneous. Case-Laws Income Tax Tue, 31 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365653