https://www.taxtmi.com/caselaws?id=449597 Revision under section 263 of the Income-tax Act was held unsustainable where the assessment record showed specific enquiry into interest on enhanced compensation and the Assessing Officer had accepted the assessee's claim that interest under section 28 of the Land Acquisition Act formed part of exempt enhanced compensation. The Tribunal found that the issue was debatable, the assessment reflected a plausible view on the law then applied, and mere reliance on later amended provisions or a subsequent High Court ruling could not justify revision. The order setting aside the assessment was quashed in favour of the assessee. en-us Tue, 13 Feb 2024 00:00:00 +0530 Thu, 15 Feb 2024 07:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449597 Revision under section 263 of the Income-tax Act was held unsustainable where the assessment record showed specific enquiry into interest on enhanced compensation and the Assessing Officer had accepted the assessee's claim that interest under section 28 of the Land Acquisition Act formed part of exempt enhanced compensation. The Tribunal found that the issue was debatable, the assessment reflected a plausible view on the law then applied, and mere reliance on later amended provisions or a subsequent High Court ruling could not justify revision. The order setting aside the assessment was quashed in favour of the assessee. Case-Laws Income Tax Tue, 13 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449597