https://www.taxtmi.com/caselaws?id=801247 Revision under section 263 requires both an erroneous assessment order and prejudice to Revenue; it cannot substitute a further enquiry where the Assessing Officer has made adequate enquiries and adopted a legally permissible view. For Ind-AS-compliant companies, the specific book-profit framework applies: mark-to-market loss arising from initial fair-value recognition of preference-share investments need not be added back where recognised through profit or loss. Unwinding interest on a contractually required, reliably estimated road-renewal provision represents accretion of an ascertained liability, not an unascertained liability requiring adjustment. The accepted book-profit computation consequently remains sustainable on jurisdiction and merits. en-us Wed, 23 Sep 2026 00:00:00 +0530 Sat, 17 Oct 2026 05:20:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801247 Revision under section 263 requires both an erroneous assessment order and prejudice to Revenue; it cannot substitute a further enquiry where the Assessing Officer has made adequate enquiries and adopted a legally permissible view. For Ind-AS-compliant companies, the specific book-profit framework applies: mark-to-market loss arising from initial fair-value recognition of preference-share investments need not be added back where recognised through profit or loss. Unwinding interest on a contractually required, reliably estimated road-renewal provision represents accretion of an ascertained liability, not an unascertained liability requiring adjustment. The accepted book-profit computation consequently remains sustainable on jurisdiction and merits. Case-Laws Income Tax Wed, 23 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801247