https://www.taxtmi.com/caselaws?id=448678 Revisional jurisdiction under s.263 was invoked to tax interest on enhanced land acquisition compensation after the AO treated interest under s.28 of the Land Acquisition Act, 1894 as part of enhanced compensation exempt under s.10(37). The Tribunal held that revision cannot be founded solely on an audit objection, as an audit note does not by itself render the assessment order erroneous or prejudicial to the Revenue. It further held that where the AO's view is supported by SC authority and the matter is at least debatable with two possible views, the PCIT cannot substitute his view through s.263. The s.263 order was quashed and relief granted to the assessee. en-us Wed, 24 Jan 2024 00:00:00 +0530 Fri, 26 Dec 2025 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448678 Revisional jurisdiction under s.263 was invoked to tax interest on enhanced land acquisition compensation after the AO treated interest under s.28 of the Land Acquisition Act, 1894 as part of enhanced compensation exempt under s.10(37). The Tribunal held that revision cannot be founded solely on an audit objection, as an audit note does not by itself render the assessment order erroneous or prejudicial to the Revenue. It further held that where the AO's view is supported by SC authority and the matter is at least debatable with two possible views, the PCIT cannot substitute his view through s.263. The s.263 order was quashed and relief granted to the assessee. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448678