https://www.taxtmi.com/caselaws?id=751697 Revisional jurisdiction under section 263 was discussed in relation to a rectification order passed under section 154 deleting an addition for interest on enhanced compensation. The Tribunal treated the taxability of that interest as a debatable issue with two plausible views and noted that the rectification authority had adopted one legally permissible view. On that basis, the Principal Commissioner could not revise the order merely because another view was preferred, as the order was not shown to be erroneous and prejudicial to revenue. The article concludes that revision was not sustainable and the assessee's claim was accepted. 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 under section 263 was discussed in relation to a rectification order passed under section 154 deleting an addition for interest on enhanced compensation. The Tribunal treated the taxability of that interest as a debatable issue with two plausible views and noted that the rectification authority had adopted one legally permissible view. On that basis, the Principal Commissioner could not revise the order merely because another view was preferred, as the order was not shown to be erroneous and prejudicial to revenue. The article concludes that revision was not sustainable and the assessee's claim was accepted. Case-Laws Income Tax Fri, 19 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751697