https://www.taxtmi.com/caselaws?id=373107 ITAT Delhi held that revision under section 263 is valid only where the assessment is both erroneous and prejudicial to the interests of the Revenue. The Assessing Officer had examined the valuation material, applied mind, and adopted one of the possible views, so the Principal Commissioner could not substitute his own assessment or rely on later-year valuation material to upset the original order. The revisional authority also could not itself assume the role of the Assessing Officer and pass what was, in substance, an assessment order. The section 263 order was therefore quashed and the assessment restored. en-us Mon, 31 Dec 2018 00:00:00 +0530 Fri, 04 Jan 2019 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373107 ITAT Delhi held that revision under section 263 is valid only where the assessment is both erroneous and prejudicial to the interests of the Revenue. The Assessing Officer had examined the valuation material, applied mind, and adopted one of the possible views, so the Principal Commissioner could not substitute his own assessment or rely on later-year valuation material to upset the original order. The revisional authority also could not itself assume the role of the Assessing Officer and pass what was, in substance, an assessment order. The section 263 order was therefore quashed and the assessment restored. Case-Laws Income Tax Mon, 31 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373107