https://www.taxtmi.com/caselaws?id=393036 Deferred sales tax paid prematurely at net present value was treated as not amounting to remission or cessation of liability under Section 41(1) of the Income-tax Act, so the Assessing Officer's view that the provision was not attracted remained a possible view. In that setting, revision under Section 263 could not be sustained merely because the Commissioner preferred another interpretation, as an assessment based on one permissible view is not erroneous for Section 263 purposes. The result is that the revisional action was held unsustainable. en-us Thu, 20 Feb 2020 00:00:00 +0530 Wed, 04 Mar 2020 16:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393036 Deferred sales tax paid prematurely at net present value was treated as not amounting to remission or cessation of liability under Section 41(1) of the Income-tax Act, so the Assessing Officer's view that the provision was not attracted remained a possible view. In that setting, revision under Section 263 could not be sustained merely because the Commissioner preferred another interpretation, as an assessment based on one permissible view is not erroneous for Section 263 purposes. The result is that the revisional action was held unsustainable. Case-Laws Income Tax Thu, 20 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393036