https://www.taxtmi.com/caselaws?id=768683 ITAT Pune allowed the assessee's appeal against revision u/s 263. The CIT alleged AO erroneously failed to verify prior period expenses and liaising charges in work-in-progress computation. ITAT held that while the assessment order may be erroneous due to non-verification, it was not prejudicial to Revenue's interest since higher work-in-progress resulted in more profit and higher taxes paid by assessee. The twin conditions for invoking section 263 jurisdiction were not satisfied as the order, though potentially erroneous, caused no revenue loss. en-us Mon, 07 Apr 2025 00:00:00 +0530 Fri, 11 Apr 2025 08:40:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768683 ITAT Pune allowed the assessee's appeal against revision u/s 263. The CIT alleged AO erroneously failed to verify prior period expenses and liaising charges in work-in-progress computation. ITAT held that while the assessment order may be erroneous due to non-verification, it was not prejudicial to Revenue's interest since higher work-in-progress resulted in more profit and higher taxes paid by assessee. The twin conditions for invoking section 263 jurisdiction were not satisfied as the order, though potentially erroneous, caused no revenue loss. Case-Laws Income Tax Mon, 07 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768683