https://www.taxtmi.com/caselaws?id=285910 Section 263 revision requires an order to be both erroneous and prejudicial to the interests of the Revenue, and that jurisdiction cannot be invoked merely because the assessment order is brief. In an amalgamation sanctioned by the BIFR under the Sick Industrial Companies (Special Provisions) Act, section 32(2) brings section 72A of the Income-tax Act into play with the BIFR exercising the relevant approval function. The legal position, as reflected in Supreme Court authority, is that such sanction implies satisfaction of the conditions ordinarily required under section 72A. On that basis, allowance of carry forward and set-off of losses in the assessment could not be treated as an erroneous order for revision purposes. en-us Wed, 13 Feb 2019 00:00:00 +0530 Mon, 22 Jun 2020 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285910 Section 263 revision requires an order to be both erroneous and prejudicial to the interests of the Revenue, and that jurisdiction cannot be invoked merely because the assessment order is brief. In an amalgamation sanctioned by the BIFR under the Sick Industrial Companies (Special Provisions) Act, section 32(2) brings section 72A of the Income-tax Act into play with the BIFR exercising the relevant approval function. The legal position, as reflected in Supreme Court authority, is that such sanction implies satisfaction of the conditions ordinarily required under section 72A. On that basis, allowance of carry forward and set-off of losses in the assessment could not be treated as an erroneous order for revision purposes. Case-Laws Income Tax Wed, 13 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285910