https://www.taxtmi.com/caselaws?id=751697 Revisional jurisdiction cannot be exercised against a rectification order merely because another view is preferred on a debatable tax issue. Where the CPC, while acting under section 154, deleted an addition for interest on enhanced compensation after accepting one legally plausible view of its taxability, the rectification order was not demonstrably erroneous or prejudicial to Revenue interests. Section 263 requires both error and prejudice; it does not permit revision of an order founded on one of two possible legal views. The revisional order was therefore quashed and the taxpayer's claim succeeded. en-us Fri, 19 Apr 2024 00:00:00 +0530 Tue, 23 Apr 2024 09:12:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751697 Revisional jurisdiction cannot be exercised against a rectification order merely because another view is preferred on a debatable tax issue. Where the CPC, while acting under section 154, deleted an addition for interest on enhanced compensation after accepting one legally plausible view of its taxability, the rectification order was not demonstrably erroneous or prejudicial to Revenue interests. Section 263 requires both error and prejudice; it does not permit revision of an order founded on one of two possible legal views. The revisional order was therefore quashed and the taxpayer's claim succeeded. Case-Laws Income Tax Fri, 19 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751697