https://www.taxtmi.com/caselaws?id=462227 Revisionary jurisdiction under section 263 cannot be exercised where the Assessing Officer, after reopening the assessment and making enquiry, accepts a plausible view on a debatable tax issue. The Tribunal noted that the officer examined the assessee's material and judicial authorities before accepting the claim that interest received under section 28 of the Land Acquisition Act on enhanced compensation was not taxable under section 10(37). As error and prejudice to the Revenue must both exist for section 263 to apply, the Commissioner could not revise the order merely because another view was possible. The revision was quashed and the assessee's position was upheld. en-us Tue, 12 Nov 2024 00:00:00 +0530 Mon, 02 Jun 2025 19:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462227 Revisionary jurisdiction under section 263 cannot be exercised where the Assessing Officer, after reopening the assessment and making enquiry, accepts a plausible view on a debatable tax issue. The Tribunal noted that the officer examined the assessee's material and judicial authorities before accepting the claim that interest received under section 28 of the Land Acquisition Act on enhanced compensation was not taxable under section 10(37). As error and prejudice to the Revenue must both exist for section 263 to apply, the Commissioner could not revise the order merely because another view was possible. The revision was quashed and the assessee's position was upheld. Case-Laws Income Tax Tue, 12 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462227