https://www.taxtmi.com/caselaws?id=775997 Section 263 revision was held unwarranted where the Assessing Officer had examined the assessee's explanation on interest under section 28 of the Land Acquisition Act, 1894 and adopted one of two possible views on a debatable issue. The Tribunal held that the record did not show lack of enquiry, and the assessment could not be treated as erroneous and prejudicial merely because the Principal Commissioner preferred a later contrary view based on an audit objection. It further held that interest under section 28 remained part of enhanced compensation on the Supreme Court authority relied upon by the Assessing Officer, and that dismissal of an SLP in limine does not affirm the High Court's reasoning or create binding precedent. en-us Wed, 01 Jan 2025 00:00:00 +0530 Mon, 04 Aug 2025 08:28:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775997 Section 263 revision was held unwarranted where the Assessing Officer had examined the assessee's explanation on interest under section 28 of the Land Acquisition Act, 1894 and adopted one of two possible views on a debatable issue. The Tribunal held that the record did not show lack of enquiry, and the assessment could not be treated as erroneous and prejudicial merely because the Principal Commissioner preferred a later contrary view based on an audit objection. It further held that interest under section 28 remained part of enhanced compensation on the Supreme Court authority relied upon by the Assessing Officer, and that dismissal of an SLP in limine does not affirm the High Court's reasoning or create binding precedent. Case-Laws Income Tax Wed, 01 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775997