https://www.taxtmi.com/caselaws?id=446525 Revision under section 263 was upheld because the Assessing Officer allowed deductions on rental and interest income without proper verification of the underlying facts and legal basis. The Tribunal held that the assessee could not establish a continuing exemption under the Part-B States (Taxation Concessions) Order, 1950 after the Income-tax Act, 1961, as the jurisdictional High Court had already taken an adverse view and the Supreme Court decision relied on was factually distinguishable. On that footing, the assessment was treated as erroneous and prejudicial to the interests of the Revenue. en-us Wed, 08 Nov 2023 00:00:00 +0530 Tue, 05 Dec 2023 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446525 Revision under section 263 was upheld because the Assessing Officer allowed deductions on rental and interest income without proper verification of the underlying facts and legal basis. The Tribunal held that the assessee could not establish a continuing exemption under the Part-B States (Taxation Concessions) Order, 1950 after the Income-tax Act, 1961, as the jurisdictional High Court had already taken an adverse view and the Supreme Court decision relied on was factually distinguishable. On that footing, the assessment was treated as erroneous and prejudicial to the interests of the Revenue. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446525