https://www.taxtmi.com/caselaws?id=470946 Revision under Section 263 requires an assessment order to be both erroneous and prejudicial to the interests of the Revenue. Disclosed write-offs in audited accounts were considered during assessment after necessary enquiries. Where allowability of the write-offs permits two legally sustainable views, the Assessing Officer's adoption of one permissible view is not erroneous merely because the Commissioner prefers another. The revisionary order was therefore invalid, and the assessment order was restored in favour of the assessee. en-us Thu, 21 Feb 2008 00:00:00 +0530 Fri, 14 Aug 2026 12:42:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470946 Revision under Section 263 requires an assessment order to be both erroneous and prejudicial to the interests of the Revenue. Disclosed write-offs in audited accounts were considered during assessment after necessary enquiries. Where allowability of the write-offs permits two legally sustainable views, the Assessing Officer's adoption of one permissible view is not erroneous merely because the Commissioner prefers another. The revisionary order was therefore invalid, and the assessment order was restored in favour of the assessee. Case-Laws Income Tax Thu, 21 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470946