https://www.taxtmi.com/caselaws?id=463272 ITAT Amritsar - AT held that s.263 cannot be invoked to correct every mistake by the AO; it applies only where an order is erroneous and prejudicial to Revenue. An incorrect factual assumption or wrong application of law may meet that test, but if the AO adopts a legally permissible view (even if resulting in revenue loss) or conducts enquiries, the order is not erroneous. The Pr.CIT's revision disallowing s.80IB deduction was found perverse and infirm; the appeal by the assessee was allowed. en-us Wed, 26 Jun 2024 00:00:00 +0530 Wed, 20 Aug 2025 20:55:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463272 ITAT Amritsar - AT held that s.263 cannot be invoked to correct every mistake by the AO; it applies only where an order is erroneous and prejudicial to Revenue. An incorrect factual assumption or wrong application of law may meet that test, but if the AO adopts a legally permissible view (even if resulting in revenue loss) or conducts enquiries, the order is not erroneous. The Pr.CIT's revision disallowing s.80IB deduction was found perverse and infirm; the appeal by the assessee was allowed. Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463272