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Income Tax - Highlights / Catch Notes

Home Highlights October 2022 Year 2022 This

Revision u/s 263 by CIT - An incorrect assumption of the fact or ...

Income Tax

October 13, 2022

Revision u/s 263 by CIT - An incorrect assumption of the fact or an incorrect application of law will satisfy the requirement of the order being erroneous. The phrase 'prejudicial to the interest of the Revenue has to be read in conjunction with an erroneous order passed by the AO. Every loss of revenue as a consequence of the order of the AO cannot be treated as prejudicial to the interest of the Revenue - AT

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