https://www.taxtmi.com/caselaws?id=14253 The Supreme Court held that for proceedings under section 263 of the Income-tax Act, an order must be both erroneous and prejudicial to Revenue simultaneously. The Court emphasized the need for material supporting the necessity of reassessment or inquiry. The High Court upheld the Tribunal's decision to quash the order passed under section 263, as the Commissioner of Income-tax failed to provide sufficient material to justify further inquiry into lease rent deductions. The judgment clarified the requirements for invoking section 263, highlighting the importance of meeting both error and prejudice conditions concurrently. en-us Tue, 12 Jun 2001 00:00:00 +0530 Tue, 14 Jul 2009 16:54:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14253 The Supreme Court held that for proceedings under section 263 of the Income-tax Act, an order must be both erroneous and prejudicial to Revenue simultaneously. The Court emphasized the need for material supporting the necessity of reassessment or inquiry. The High Court upheld the Tribunal's decision to quash the order passed under section 263, as the Commissioner of Income-tax failed to provide sufficient material to justify further inquiry into lease rent deductions. The judgment clarified the requirements for invoking section 263, highlighting the importance of meeting both error and prejudice conditions concurrently. Case-Laws Income Tax Tue, 12 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14253