https://www.taxtmi.com/caselaws?id=27848 Revisional jurisdiction was held maintainable where an assessment resulted in loss, because a loss assessment can still prejudice Revenue by enabling allocation and later set-off of losses; the Commissioner was therefore justified in revising the assessment on that basis. The full disallowance of cultivation expenditure was, however, unsustainable: where the assessee acquired an estate with standing crop, expenditure incurred to raise the relevant crop is deductible if laid out wholly and exclusively for earning agricultural income. The assessing authority was required to determine and allow the reasonable expenditure attributable to the crop year rather than treat the entire payment as capital or wholly inadmissible. en-us Tue, 20 Mar 1984 00:00:00 +0530 Tue, 16 Feb 2010 13:47:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27848 Revisional jurisdiction was held maintainable where an assessment resulted in loss, because a loss assessment can still prejudice Revenue by enabling allocation and later set-off of losses; the Commissioner was therefore justified in revising the assessment on that basis. The full disallowance of cultivation expenditure was, however, unsustainable: where the assessee acquired an estate with standing crop, expenditure incurred to raise the relevant crop is deductible if laid out wholly and exclusively for earning agricultural income. The assessing authority was required to determine and allow the reasonable expenditure attributable to the crop year rather than treat the entire payment as capital or wholly inadmissible. Case-Laws Income Tax Tue, 20 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27848