https://www.taxtmi.com/caselaws?id=767979 Section 263 revisional power cannot be invoked merely because the Principal Commissioner prefers a different view; it requires the assessment order to be both erroneous and prejudicial to the Revenue. Where the Assessing Officer made inquiries, examined the assessee's explanation, and adopted one plausible view on the material, revision is not justified. On the section 54B claim, agricultural use of the transferred land during the two years before transfer was supported by revenue records, correction of mistaken entries, physical verification, and cultivation evidence, so the deduction condition was satisfied and the contrary revisionary finding could not stand. en-us Wed, 19 Feb 2025 00:00:00 +0530 Thu, 27 Mar 2025 16:40:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767979 Section 263 revisional power cannot be invoked merely because the Principal Commissioner prefers a different view; it requires the assessment order to be both erroneous and prejudicial to the Revenue. Where the Assessing Officer made inquiries, examined the assessee's explanation, and adopted one plausible view on the material, revision is not justified. On the section 54B claim, agricultural use of the transferred land during the two years before transfer was supported by revenue records, correction of mistaken entries, physical verification, and cultivation evidence, so the deduction condition was satisfied and the contrary revisionary finding could not stand. Case-Laws Income Tax Wed, 19 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767979