https://www.taxtmi.com/caselaws?id=466979 Revision under Section 263 requires an assessment order to be both erroneous and prejudicial to revenue. Where the assessment order itself denied Section 11 exemption and excluded receipts and expenditure governed by mutuality, a conflicting tax-computation sheet reflecting the claimed Section 11 computation does not establish that exemption was allowed. The computational inconsistency is amenable to rectification under Section 154 rather than revision under Section 263. Consequently, revision based on the premise that Section 11 exemption had been granted is unsustainable, and the revision order is set aside. en-us Mon, 24 Feb 2025 00:00:00 +0530 Sun, 01 Mar 2026 09:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466979 Revision under Section 263 requires an assessment order to be both erroneous and prejudicial to revenue. Where the assessment order itself denied Section 11 exemption and excluded receipts and expenditure governed by mutuality, a conflicting tax-computation sheet reflecting the claimed Section 11 computation does not establish that exemption was allowed. The computational inconsistency is amenable to rectification under Section 154 rather than revision under Section 263. Consequently, revision based on the premise that Section 11 exemption had been granted is unsustainable, and the revision order is set aside. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466979