https://www.taxtmi.com/caselaws?id=35325 Revision under Section 263 is available only where the assessment order is both erroneous and prejudicial to the Revenue. If the Assessing Officer adopts one of two plausible views, the order cannot be revised merely because the Commissioner prefers another view. On the facts, the liability arising from supply of forest produce had not been conclusively or irrevocably extinguished during the relevant previous year, given the continuing litigation and later settlement. Section 41(1) could therefore not be invoked on the footing that the trading liability had finally ceased, and the Commissioner's revisional jurisdiction was unjustified. en-us Mon, 01 Feb 2010 00:00:00 +0530 Fri, 10 Apr 2026 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35325 Revision under Section 263 is available only where the assessment order is both erroneous and prejudicial to the Revenue. If the Assessing Officer adopts one of two plausible views, the order cannot be revised merely because the Commissioner prefers another view. On the facts, the liability arising from supply of forest produce had not been conclusively or irrevocably extinguished during the relevant previous year, given the continuing litigation and later settlement. Section 41(1) could therefore not be invoked on the footing that the trading liability had finally ceased, and the Commissioner's revisional jurisdiction was unjustified. Case-Laws Income Tax Mon, 01 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35325