https://www.taxtmi.com/caselaws?id=776356 Section 263 revision was held unsustainable where the Assessing Officer had examined the assessee's deduction claim under section 80P(2)(d) on interest from investments in co-operative banks and adopted one permissible view. The governing principle is that revision requires both error and prejudice to the Revenue; a mere difference of opinion on a debatable issue is insufficient. Since the assessment order reflected conscious acceptance of the deduction claim and judicial support existed for the exemption, the revisional authority could not substitute a different view. The assessee therefore succeeded and the revision was quashed. en-us Wed, 06 Aug 2025 00:00:00 +0530 Fri, 08 Aug 2025 05:20:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776356 Section 263 revision was held unsustainable where the Assessing Officer had examined the assessee's deduction claim under section 80P(2)(d) on interest from investments in co-operative banks and adopted one permissible view. The governing principle is that revision requires both error and prejudice to the Revenue; a mere difference of opinion on a debatable issue is insufficient. Since the assessment order reflected conscious acceptance of the deduction claim and judicial support existed for the exemption, the revisional authority could not substitute a different view. The assessee therefore succeeded and the revision was quashed. Case-Laws Income Tax Wed, 06 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776356