https://www.taxtmi.com/caselaws?id=403199 The court ruled in favor of the assessee, quashing the Commissioner of Income Tax's orders invoking Section 263 of the Income Tax Act. It emphasized that the assessing officer's view, even if one of the possible views, should prevent the exercise of revisional powers. The judgment allowed the appeal, finding the invocation of Section 263 unjustified due to the existence of alternative interpretations. The decision underscored the importance of meeting the conditions precedent for invoking such powers, emphasizing the need for the order to be both prejudicial to revenue and erroneous. en-us Wed, 13 Jan 2021 00:00:00 +0530 Wed, 03 Mar 2021 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403199 The court ruled in favor of the assessee, quashing the Commissioner of Income Tax's orders invoking Section 263 of the Income Tax Act. It emphasized that the assessing officer's view, even if one of the possible views, should prevent the exercise of revisional powers. The judgment allowed the appeal, finding the invocation of Section 263 unjustified due to the existence of alternative interpretations. The decision underscored the importance of meeting the conditions precedent for invoking such powers, emphasizing the need for the order to be both prejudicial to revenue and erroneous. Case-Laws Income Tax Wed, 13 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403199