https://www.taxtmi.com/caselaws?id=307708 The Tribunal allowed the Assessee's appeal, setting aside the CIT's revision order under section 263 of the Income Tax Act for the assessment year 2012-13. The Tribunal held that the CIT failed to demonstrate how the assessment order prejudiced revenue, emphasizing the necessity of proving prejudice to invoke section 263. It was noted that the AO had properly considered the deduction claim u/s 35AD during assessment proceedings, and the CIT's direction lacked justification for revision. Legal precedents supporting the requirement of establishing error or revenue prejudice for revision were cited, leading to the conclusion that the revision order was not legally sustainable. en-us Wed, 30 Jan 2019 00:00:00 +0530 Mon, 01 May 2023 21:30:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307708 The Tribunal allowed the Assessee's appeal, setting aside the CIT's revision order under section 263 of the Income Tax Act for the assessment year 2012-13. The Tribunal held that the CIT failed to demonstrate how the assessment order prejudiced revenue, emphasizing the necessity of proving prejudice to invoke section 263. It was noted that the AO had properly considered the deduction claim u/s 35AD during assessment proceedings, and the CIT's direction lacked justification for revision. Legal precedents supporting the requirement of establishing error or revenue prejudice for revision were cited, leading to the conclusion that the revision order was not legally sustainable. Case-Laws Income Tax Wed, 30 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307708