https://www.taxtmi.com/caselaws?id=776551 Section 263 could not be invoked where the Assessing Officer had examined the nature of interest received under section 28 of the Land Acquisition Act and accepted the assessee's explanation that it formed part of enhanced compensation exempt under section 10(37). The assessment was not an order passed without enquiry or on a mere lack of discussion, and acceptance of one of two possible views did not make it erroneous and prejudicial to the Revenue. The revision was also substantially driven by an audit objection, while the distinction between section 28 and section 34 interest supported the view that section 28 interest is an accretion to compensation. The revisionary order was quashed. en-us Mon, 06 Jan 2025 00:00:00 +0530 Wed, 13 Aug 2025 07:27:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776551 Section 263 could not be invoked where the Assessing Officer had examined the nature of interest received under section 28 of the Land Acquisition Act and accepted the assessee's explanation that it formed part of enhanced compensation exempt under section 10(37). The assessment was not an order passed without enquiry or on a mere lack of discussion, and acceptance of one of two possible views did not make it erroneous and prejudicial to the Revenue. The revision was also substantially driven by an audit objection, while the distinction between section 28 and section 34 interest supported the view that section 28 interest is an accretion to compensation. The revisionary order was quashed. Case-Laws Income Tax Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776551