https://www.taxtmi.com/caselaws?id=444466 Revisional jurisdiction under section 263 was held unavailable where the reassessment order was passed after reopening, considered the assessee's submissions and judicial authorities, and applied section 44 with the First Schedule for life insurance business. The earlier assessment stood effaced by the reassessment, so the Commissioner could not insist that original disallowances be carried forward. Since section 263 requires the assessment order to be both erroneous and prejudicial to the Revenue on the basis of material on record, mere disagreement with the computation method or alleged inadequacy of enquiry was insufficient. The revisionary order was quashed. en-us Fri, 30 Jun 2023 00:00:00 +0530 Tue, 05 Nov 2024 14:18:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444466 Revisional jurisdiction under section 263 was held unavailable where the reassessment order was passed after reopening, considered the assessee's submissions and judicial authorities, and applied section 44 with the First Schedule for life insurance business. The earlier assessment stood effaced by the reassessment, so the Commissioner could not insist that original disallowances be carried forward. Since section 263 requires the assessment order to be both erroneous and prejudicial to the Revenue on the basis of material on record, mere disagreement with the computation method or alleged inadequacy of enquiry was insufficient. The revisionary order was quashed. Case-Laws Income Tax Fri, 30 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444466