https://www.taxtmi.com/caselaws?id=471559 Revision under Section 263 requires an assessment order to be both erroneous and prejudicial to Revenue interests. A different preference of the revisional authority, inadequate detail in the assessment order, or alleged inadequacy of inquiry does not justify revision where the Assessing Officer made inquiries, considered the material and adopted a legally sustainable view. For a builder using the project-completion method, interest on borrowed capital used for stock-in-trade is revenue expenditure. Disclosure and explanation of that method, interest expenditure and fixed-deposit interest during assessment supported validity of the assessment; revision was invalid because no omitted necessary inquiry or legal unsustainability was established. en-us Mon, 16 Jan 2017 00:00:00 +0530 Wed, 09 Sep 2026 11:39:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471559 Revision under Section 263 requires an assessment order to be both erroneous and prejudicial to Revenue interests. A different preference of the revisional authority, inadequate detail in the assessment order, or alleged inadequacy of inquiry does not justify revision where the Assessing Officer made inquiries, considered the material and adopted a legally sustainable view. For a builder using the project-completion method, interest on borrowed capital used for stock-in-trade is revenue expenditure. Disclosure and explanation of that method, interest expenditure and fixed-deposit interest during assessment supported validity of the assessment; revision was invalid because no omitted necessary inquiry or legal unsustainability was established. Case-Laws Income Tax Mon, 16 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471559