https://www.taxtmi.com/caselaws?id=471800 Revision under Section 263 requires an assessment order to be both erroneous and prejudicial to the interests of the Revenue. Where the Assessing Officer specifically examined delayed employees' PF/ESI contributions, obtained an explanation and allowed the deduction consistently with binding High Court precedent then in force, the assessment order cannot be revised merely because a later Supreme Court ruling adopts a contrary position. The subsequent ruling does not retrospectively make the earlier assessment erroneous or prejudicial. Revisional jurisdiction was therefore invalidly assumed, and the deduction remained allowable for the assessment under review. en-us Fri, 21 Jun 2024 00:00:00 +0530 Fri, 18 Sep 2026 17:32:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471800 Revision under Section 263 requires an assessment order to be both erroneous and prejudicial to the interests of the Revenue. Where the Assessing Officer specifically examined delayed employees' PF/ESI contributions, obtained an explanation and allowed the deduction consistently with binding High Court precedent then in force, the assessment order cannot be revised merely because a later Supreme Court ruling adopts a contrary position. The subsequent ruling does not retrospectively make the earlier assessment erroneous or prejudicial. Revisional jurisdiction was therefore invalidly assumed, and the deduction remained allowable for the assessment under review. Case-Laws Income Tax Fri, 21 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471800