https://www.taxtmi.com/caselaws?id=433268 Section 263 revision is sustainable only where the assessment order is both erroneous and prejudicial to the Revenue. On the facts, the assessee had not claimed capital gains exemption on compulsory acquisition compensation, and the Assessing Officer had not allowed any exemption under section 10(37) or section 96 of the 2013 land acquisition law in the assessment under section 143(3). Because the revisional authority proceeded on the incorrect assumption that such a claim had been made and accepted, the foundational basis for revision was absent. The revision order was therefore not sustainable and was set aside in favour of the assessee. en-us Mon, 23 Jan 2023 00:00:00 +0530 Wed, 25 Jan 2023 08:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433268 Section 263 revision is sustainable only where the assessment order is both erroneous and prejudicial to the Revenue. On the facts, the assessee had not claimed capital gains exemption on compulsory acquisition compensation, and the Assessing Officer had not allowed any exemption under section 10(37) or section 96 of the 2013 land acquisition law in the assessment under section 143(3). Because the revisional authority proceeded on the incorrect assumption that such a claim had been made and accepted, the foundational basis for revision was absent. The revision order was therefore not sustainable and was set aside in favour of the assessee. Case-Laws Income Tax Mon, 23 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433268