https://www.taxtmi.com/caselaws?id=457239 Revisional jurisdiction under section 263 of the Income-tax Act cannot be invoked merely to replace one permissible view with another when the assessment is supported by relevant material. The Tribunal found that the assessee had furnished purchase and sales details, audited books, and quantity particulars, and that no discrepancy emerged between purchases and the fall in sales. Applying the settled test that an order must be both erroneous and prejudicial to the interests of the revenue, the court held that the Principal Commissioner's assumption of jurisdiction was unsustainable and that no substantial question of law arose for interference. en-us Wed, 13 Jul 2022 00:00:00 +0530 Thu, 12 Sep 2024 20:11:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457239 Revisional jurisdiction under section 263 of the Income-tax Act cannot be invoked merely to replace one permissible view with another when the assessment is supported by relevant material. The Tribunal found that the assessee had furnished purchase and sales details, audited books, and quantity particulars, and that no discrepancy emerged between purchases and the fall in sales. Applying the settled test that an order must be both erroneous and prejudicial to the interests of the revenue, the court held that the Principal Commissioner's assumption of jurisdiction was unsustainable and that no substantial question of law arose for interference. Case-Laws Income Tax Wed, 13 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457239