https://www.taxtmi.com/caselaws?id=368750 The Tribunal set aside the order passed by the Principal CIT under Section 263 of the Income Tax Act, finding that although the original assessment order was erroneous, it did not meet the condition of being prejudicial to the Revenue's interest. The Tribunal concluded that the variations in the loss amount were tax-neutral and did not harm the Revenue's interest, thus determining that the exercise of revisionary power was not justified. As a result, the impugned order was overturned, and the appeal of the assessee was upheld. en-us Tue, 24 Jul 2018 00:00:00 +0530 Sat, 13 Oct 2018 15:07:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368750 The Tribunal set aside the order passed by the Principal CIT under Section 263 of the Income Tax Act, finding that although the original assessment order was erroneous, it did not meet the condition of being prejudicial to the Revenue's interest. The Tribunal concluded that the variations in the loss amount were tax-neutral and did not harm the Revenue's interest, thus determining that the exercise of revisionary power was not justified. As a result, the impugned order was overturned, and the appeal of the assessee was upheld. Case-Laws Income Tax Tue, 24 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368750