https://www.taxtmi.com/caselaws?id=758046 Revisional jurisdiction under section 263 may be exercised where a valuation report received after assessment forms part of the record at revision and supports a finding that the assessment is erroneous and prejudicial to Revenue interests. Section 142A(6) did not bar use of the report, as the period between the valuation reference and report receipt was excluded from limitation computation under section 153. Valuation-based possible under-assessment was not an apparent mistake rectifiable under section 154. The jurisdictional objection failed because no material established that the revisional authority lacked statutory jurisdiction. The assessment was therefore validly revised and the appeal failed. en-us Fri, 30 Aug 2024 00:00:00 +0530 Thu, 05 Sep 2024 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758046 Revisional jurisdiction under section 263 may be exercised where a valuation report received after assessment forms part of the record at revision and supports a finding that the assessment is erroneous and prejudicial to Revenue interests. Section 142A(6) did not bar use of the report, as the period between the valuation reference and report receipt was excluded from limitation computation under section 153. Valuation-based possible under-assessment was not an apparent mistake rectifiable under section 154. The jurisdictional objection failed because no material established that the revisional authority lacked statutory jurisdiction. The assessment was therefore validly revised and the appeal failed. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758046