https://www.taxtmi.com/caselaws?id=369477 Revisional jurisdiction under section 263 requires the assessment order to be both erroneous and prejudicial to the interests of the Revenue; where correction of depreciation would only increase the assessee's eligible deduction under sections 80IA/80IC and remain revenue neutral, the prejudice condition is not satisfied and revision fails. The merger plea was rejected because the depreciation issue was treated as distinct from appellate proceedings on computation of eligible profit. The fact that the matter arose from an audit objection did not invalidate revision, since the Commissioner applied independent mind to the record. en-us Fri, 26 Oct 2018 00:00:00 +0530 Mon, 29 Oct 2018 07:47:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369477 Revisional jurisdiction under section 263 requires the assessment order to be both erroneous and prejudicial to the interests of the Revenue; where correction of depreciation would only increase the assessee's eligible deduction under sections 80IA/80IC and remain revenue neutral, the prejudice condition is not satisfied and revision fails. The merger plea was rejected because the depreciation issue was treated as distinct from appellate proceedings on computation of eligible profit. The fact that the matter arose from an audit objection did not invalidate revision, since the Commissioner applied independent mind to the record. Case-Laws Income Tax Fri, 26 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369477