https://www.taxtmi.com/caselaws?id=399628 Section 263 revision was held unsustainable where the Assessing Officer had adopted one of two legally possible views on the assessee's taxability. The Tribunal noted that the dispute concerned the assessee's claimed status as an agent of the State Government for Article 289(1) exemption, and that earlier years had treated the assessee in that capacity. As the Principal Commissioner merely sought to replace a permissible assessment view with a different view, the order was not shown to be both erroneous and prejudicial to the interests of the Revenue. The revisionary order was therefore set aside in favour of the assessee. en-us Mon, 28 Sep 2020 00:00:00 +0530 Thu, 15 Oct 2020 09:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399628 Section 263 revision was held unsustainable where the Assessing Officer had adopted one of two legally possible views on the assessee's taxability. The Tribunal noted that the dispute concerned the assessee's claimed status as an agent of the State Government for Article 289(1) exemption, and that earlier years had treated the assessee in that capacity. As the Principal Commissioner merely sought to replace a permissible assessment view with a different view, the order was not shown to be both erroneous and prejudicial to the interests of the Revenue. The revisionary order was therefore set aside in favour of the assessee. Case-Laws Income Tax Mon, 28 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399628