https://www.taxtmi.com/caselaws?id=450017 A revision under section 263 of the Income-tax Act, 1961 was held unsustainable where the Principal Commissioner treated a difference in interest income as co-operative bank interest and denied deduction without supporting material. The Assessing Officer had examined deductions and bank accounts under section 142(1), and the assessee's reply showed no receipt of interest from a co-operative bank. The impugned amount was explained as interest from members, and the Revenue did not rebut that explanation. As the assessment order was not shown to be erroneous and prejudicial to the interests of the Revenue, the section 263 jurisdiction could not be invoked and the revisionary order was quashed. en-us Wed, 21 Feb 2024 00:00:00 +0530 Sat, 24 Feb 2024 09:28:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450017 A revision under section 263 of the Income-tax Act, 1961 was held unsustainable where the Principal Commissioner treated a difference in interest income as co-operative bank interest and denied deduction without supporting material. The Assessing Officer had examined deductions and bank accounts under section 142(1), and the assessee's reply showed no receipt of interest from a co-operative bank. The impugned amount was explained as interest from members, and the Revenue did not rebut that explanation. As the assessment order was not shown to be erroneous and prejudicial to the interests of the Revenue, the section 263 jurisdiction could not be invoked and the revisionary order was quashed. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450017