https://www.taxtmi.com/caselaws?id=787939 Revisionary jurisdiction under section 263 requires the assessment order to be both erroneous and prejudicial to revenue. Depreciation on the opening written down value of goodwill, previously accepted and supported by audited accounts and the tax audit report, could not be revised for a later year without showing impairment or inconsistency; any challenge to goodwill creation concerned the year of creation. Actual warranty expenses remained allowable where the taxpayer had voluntarily disallowed the warranty provision and claimed only expenses incurred, with no material showing error or prejudice. The revisionary order was quashed and the assessment order restored. en-us Mon, 09 Mar 2026 00:00:00 +0530 Sat, 14 Mar 2026 08:36:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787939 Revisionary jurisdiction under section 263 requires the assessment order to be both erroneous and prejudicial to revenue. Depreciation on the opening written down value of goodwill, previously accepted and supported by audited accounts and the tax audit report, could not be revised for a later year without showing impairment or inconsistency; any challenge to goodwill creation concerned the year of creation. Actual warranty expenses remained allowable where the taxpayer had voluntarily disallowed the warranty provision and claimed only expenses incurred, with no material showing error or prejudice. The revisionary order was quashed and the assessment order restored. Case-Laws Income Tax Mon, 09 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787939