https://www.taxtmi.com/caselaws?id=415992 The Tribunal quashed the order under Section 263 of the Income Tax Act as the alleged loss had already been addressed in re-assessment, emphasizing the twin conditions for revisional jurisdiction. Subsequent orders, including bringing deferred revenue to tax, were annulled due to the quashing of the Section 263 order, rendering them invalid. Both appeals were allowed, stressing the necessity of meeting the legal criteria for revisional jurisdiction, requiring both erroneousness and prejudice to revenue for effective exercise of revisional powers by the Commissioner. en-us Mon, 29 Nov 2021 00:00:00 +0530 Sat, 18 Dec 2021 08:46:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415992 The Tribunal quashed the order under Section 263 of the Income Tax Act as the alleged loss had already been addressed in re-assessment, emphasizing the twin conditions for revisional jurisdiction. Subsequent orders, including bringing deferred revenue to tax, were annulled due to the quashing of the Section 263 order, rendering them invalid. Both appeals were allowed, stressing the necessity of meeting the legal criteria for revisional jurisdiction, requiring both erroneousness and prejudice to revenue for effective exercise of revisional powers by the Commissioner. Case-Laws Income Tax Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415992