https://www.taxtmi.com/caselaws?id=413993 A revision under section 263 is not justified where the Assessing Officer accepts employees' provident fund contribution paid before the return-filing due date on a legally sustainable view. The ITAT noted that conflicting judicial views existed and that, when two reasonable constructions of a taxing provision are possible, the interpretation favouring the assessee should be adopted. It also stated that an assessment is not erroneous merely because the Commissioner prefers a different interpretation, so long as the Assessing Officer's view is supported by law and precedent. On that basis, the revision was held unsustainable and the addition under section 263 could not be maintained. en-us Thu, 23 Sep 2021 00:00:00 +0530 Tue, 26 Oct 2021 09:00:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413993 A revision under section 263 is not justified where the Assessing Officer accepts employees' provident fund contribution paid before the return-filing due date on a legally sustainable view. The ITAT noted that conflicting judicial views existed and that, when two reasonable constructions of a taxing provision are possible, the interpretation favouring the assessee should be adopted. It also stated that an assessment is not erroneous merely because the Commissioner prefers a different interpretation, so long as the Assessing Officer's view is supported by law and precedent. On that basis, the revision was held unsustainable and the addition under section 263 could not be maintained. Case-Laws Income Tax Thu, 23 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413993