https://www.taxtmi.com/highlights?id=59225 Revision u/s 263 - valuation of closing stock, non increasing of closing stock by proportionate other direct expenses - The alleged under valuation of closing stock is a tax neutral exercise when seen over a longer horizon and thus, in effect, not prejudicial to the interest of the Revenue per se. Section 263 of the Act calls for existence of both the pre-requisites, namely; (i) order under revision should be erroneous as well as (ii) prejudicial to the interest of the Revenue. - AT en-us Mon, 16 Aug 2021 09:13:39 +0530 Mon, 16 Aug 2021 09:13:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=59225 Revision u/s 263 - valuation of closing stock, non increasing of closing stock by proportionate other direct expenses - The alleged under valuation of closing stock is a tax neutral exercise when seen over a longer horizon and thus, in effect, not prejudicial to the interest of the Revenue per se. Section 263 of the Act calls for existence of both the pre-requisites, namely; (i) order under revision should be erroneous as well as (ii) prejudicial to the interest of the Revenue. - AT Highlights Income Tax Mon, 16 Aug 2021 09:13:39 +0530 https://www.taxtmi.com/highlights?id=59225