https://www.taxtmi.com/caselaws?id=287837 Revision under section 263 of the Income-tax Act was not justified where the Assessing Officer had already examined prior-year expenses, set-off of brought forward losses and the disputed claim, and had taken a view after verification. The Commissioner's notice overlapped with matters already considered in assessment, and section 263 could be invoked only if the order was both erroneous and prejudicial to the Revenue. A different opinion or lack of elaborate reasoning was insufficient, and a mere possible loss of revenue did not meet the statutory test. The revisionary order was therefore unsustainable. en-us Fri, 03 Jul 2015 00:00:00 +0530 Wed, 06 May 2020 06:01:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287837 Revision under section 263 of the Income-tax Act was not justified where the Assessing Officer had already examined prior-year expenses, set-off of brought forward losses and the disputed claim, and had taken a view after verification. The Commissioner's notice overlapped with matters already considered in assessment, and section 263 could be invoked only if the order was both erroneous and prejudicial to the Revenue. A different opinion or lack of elaborate reasoning was insufficient, and a mere possible loss of revenue did not meet the statutory test. The revisionary order was therefore unsustainable. Case-Laws Income Tax Fri, 03 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287837