https://www.taxtmi.com/caselaws?id=776649 ITAT Pune upheld the revision order under section 263 confirming that the AO's original assessment under section 143(3) was erroneous and prejudicial to revenue. The AO had incorrectly deducted accrued interest income from gross receipts instead of including it in taxable income, despite the assessee following mercantile accounting. The pending appeal before CIT(A) did not challenge this issue, which justified the CIT(E)'s invocation of revisionary powers. The tribunal rejected the assessee's contention that the interest income was recorded in books and that the assessment should not be reopened. The order directing reassessment to include accrued interest income in taxable income was affirmed. en-us Mon, 11 Aug 2025 00:00:00 +0530 Thu, 14 Aug 2025 08:26:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776649 ITAT Pune upheld the revision order under section 263 confirming that the AO's original assessment under section 143(3) was erroneous and prejudicial to revenue. The AO had incorrectly deducted accrued interest income from gross receipts instead of including it in taxable income, despite the assessee following mercantile accounting. The pending appeal before CIT(A) did not challenge this issue, which justified the CIT(E)'s invocation of revisionary powers. The tribunal rejected the assessee's contention that the interest income was recorded in books and that the assessment should not be reopened. The order directing reassessment to include accrued interest income in taxable income was affirmed. Case-Laws Income Tax Mon, 11 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776649