https://www.taxtmi.com/caselaws?id=470060 Revisionary jurisdiction under Section 263 of the Income-tax Act, 1961 requires both an erroneous assessment order and prejudice to the interests of the Revenue. Where the assessment record shows that the Assessing Officer sought relevant deduction details and the assessee explained the Ind-AS adjustment, including interest on security deposits, the absence of separate discussion does not by itself establish inadequate enquiry. If the assessee has already added back the entire interest expense in its income computation, a further disallowance under Section 40(a)(ia) would create double disallowance. On this reasoning, the prescribed conditions for exercising revisionary jurisdiction are not satisfied. en-us Thu, 13 Mar 2025 00:00:00 +0530 Tue, 14 Jul 2026 19:02:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470060 Revisionary jurisdiction under Section 263 of the Income-tax Act, 1961 requires both an erroneous assessment order and prejudice to the interests of the Revenue. Where the assessment record shows that the Assessing Officer sought relevant deduction details and the assessee explained the Ind-AS adjustment, including interest on security deposits, the absence of separate discussion does not by itself establish inadequate enquiry. If the assessee has already added back the entire interest expense in its income computation, a further disallowance under Section 40(a)(ia) would create double disallowance. On this reasoning, the prescribed conditions for exercising revisionary jurisdiction are not satisfied. Case-Laws Income Tax Thu, 13 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470060