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The subject matter of proposed revision was already deliberated upon by Ld. AO and a possible was taken in the matter. That view could not be said to be contrary to law, perverse or unsustainable in law, in any manner and the same would be a possible view keeping in mind the rule of consistency.This being thecase, the assessment order could not be termed as erroneous or prejudicial to the interest of the revenue u/s 263 as held by Ld. Pr. CIT.

Shanti Prime Publication Pvt. Ltd.

ec. 263 of income Tax Act, 1961— Revision - Revision invalid as order passed by AO was not erroneous or prejudicial to the interests of revenue.

Facts: Assessee, relying upon various judicial pronouncements, assailed the exercise of revisional jurisdiction u/s 263 and submitted that order was neither erroneous nor prejudicial to the interest of the revenue which would require any interference u/s 263.

Held, that the accounting methodology being followed by the assessee to recognize the interest income as revenue, was accepted by the revenue is earlier years and similar deduction claimed in earlier years was not disturbed, therefore, the principle of rule of consistency favor the assessee. In such a case, the action of Pr.CIT in invoking jurisdiction u/s 263 could not be sustained in the eyes of law. - AFCONS INFRASTRUCTURE LTD. V/s PR. CIT - [2020] 80 ITR (TRIB) 410 (ITAT-MUMBAI)