https://www.taxtmi.com/caselaws?id=467350 Revisionary jurisdiction under Section 263 cannot be exercised where the assessing officer, after scrutiny under Section 143(3), examined audited financial statements and supporting annexures disclosing inadmissible tax and GST written-off and adopted a legally permissible view treating the amounts as business expenditure. Because material was on record and the AO made a considered, permissible finding, the statutory test that the assessment is both erroneous and prejudicial to revenue is not satisfied; accordingly the Section 263 order was quashed and the original assessment restored in favour of the taxpayer. en-us Thu, 20 Feb 2025 00:00:00 +0530 Sun, 15 Mar 2026 22:08:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467350 Revisionary jurisdiction under Section 263 cannot be exercised where the assessing officer, after scrutiny under Section 143(3), examined audited financial statements and supporting annexures disclosing inadmissible tax and GST written-off and adopted a legally permissible view treating the amounts as business expenditure. Because material was on record and the AO made a considered, permissible finding, the statutory test that the assessment is both erroneous and prejudicial to revenue is not satisfied; accordingly the Section 263 order was quashed and the original assessment restored in favour of the taxpayer. Case-Laws Income Tax Thu, 20 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467350