https://www.taxtmi.com/caselaws?id=376457 The Tribunal held that the original assessment order, which computed long term capital gain and unexplained cash credit differently than directed by the Principal Commissioner, was not prejudicial to the Revenue's interest. As the Department was losing tax lawfully payable by the assessee due to the revisionary order, the conditions of being erroneous and prejudicial were not cumulatively satisfied. Consequently, the revisionary power u/s.263 could not be exercised, leading to the setting aside of the impugned order and allowing the appeal. en-us Wed, 06 Mar 2019 00:00:00 +0530 Sat, 09 Mar 2019 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376457 The Tribunal held that the original assessment order, which computed long term capital gain and unexplained cash credit differently than directed by the Principal Commissioner, was not prejudicial to the Revenue's interest. As the Department was losing tax lawfully payable by the assessee due to the revisionary order, the conditions of being erroneous and prejudicial were not cumulatively satisfied. Consequently, the revisionary power u/s.263 could not be exercised, leading to the setting aside of the impugned order and allowing the appeal. Case-Laws Income Tax Wed, 06 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376457