https://www.taxtmi.com/caselaws?id=787575 Section 263 cannot be invoked where the assessment adopts a legally sustainable view or any proposed correction causes no prejudice to revenue. Interest earned by a cooperative society on investments with cooperative banks qualifies for deduction under Section 80P(2)(d), so allowing that claim does not make the assessment erroneous and prejudicial to revenue. Although income tax debited to profit and loss is ordinarily disallowable, its addition would increase the deduction available under Section 80P(2)(a)(i) without changing taxable income; revision is therefore unwarranted. The appellate delay was condoned, the revisionary order was quashed, and the assessment was restored. en-us Thu, 05 Mar 2026 00:00:00 +0530 Mon, 09 Mar 2026 07:53:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787575 Section 263 cannot be invoked where the assessment adopts a legally sustainable view or any proposed correction causes no prejudice to revenue. Interest earned by a cooperative society on investments with cooperative banks qualifies for deduction under Section 80P(2)(d), so allowing that claim does not make the assessment erroneous and prejudicial to revenue. Although income tax debited to profit and loss is ordinarily disallowable, its addition would increase the deduction available under Section 80P(2)(a)(i) without changing taxable income; revision is therefore unwarranted. The appellate delay was condoned, the revisionary order was quashed, and the assessment was restored. Case-Laws Income Tax Thu, 05 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787575