https://www.taxtmi.com/caselaws?id=443811 ITAT AHMEDABAD set aside the ld. Pr. CIT's revision under s.263, holding there was no error in the AO's allowance of ESOP expenses after due inquiry and reliance on authoritative judicial pronouncements; PCIT failed to demonstrate prejudice or misapplication of law. The tribunal also held that directing verification of a claimed carry-forward loss via s.263 was improper because verification cannot substitute a finding of error causing prejudice. Consequently the s.263 order is quashed in its entirety and the assessee's appeal is allowed. en-us Wed, 27 Sep 2023 00:00:00 +0530 Sat, 27 Sep 2025 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443811 ITAT AHMEDABAD set aside the ld. Pr. CIT's revision under s.263, holding there was no error in the AO's allowance of ESOP expenses after due inquiry and reliance on authoritative judicial pronouncements; PCIT failed to demonstrate prejudice or misapplication of law. The tribunal also held that directing verification of a claimed carry-forward loss via s.263 was improper because verification cannot substitute a finding of error causing prejudice. Consequently the s.263 order is quashed in its entirety and the assessee's appeal is allowed. Case-Laws Income Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443811