Erroneous Tax Orders Can Be Revised u/s 263 to Protect Revenue Interests and Ensure Proper Tax Collection.

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....Revision u/s 263 - According to the scheme of the Act, the revenue is entrusted with the levy and collection of tax in accordance with law. If due to an erroneous order of the Assessing Officer, the revenue is deprived of tax lawfully payable by an assessee, it would certainly be prejudicial to the interests of the revenue. - HC....