https://www.taxtmi.com/caselaws?id=766757 Revision under section 263 requires the Principal Commissioner to identify a specific error in the assessment order and record how it is prejudicial to the Revenue. A revisional direction cannot rest only on further enquiry or verification, such as asking whether recipients of interest income returned it to tax, without a clear finding that the assessment on the assessee's claim for interest expenditure under section 57(iii) was erroneous or unsustainable. On the stated facts, the revisional order proceeded on a different footing from the assessment issue and did not establish the necessary jurisdictional error, so the revision was held not sustainable and the assessee succeeded in challenging it. en-us Thu, 27 Feb 2025 00:00:00 +0530 Tue, 04 Mar 2025 07:12:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766757 Revision under section 263 requires the Principal Commissioner to identify a specific error in the assessment order and record how it is prejudicial to the Revenue. A revisional direction cannot rest only on further enquiry or verification, such as asking whether recipients of interest income returned it to tax, without a clear finding that the assessment on the assessee's claim for interest expenditure under section 57(iii) was erroneous or unsustainable. On the stated facts, the revisional order proceeded on a different footing from the assessment issue and did not establish the necessary jurisdictional error, so the revision was held not sustainable and the assessee succeeded in challenging it. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766757