M. A. Lateef vs Inspecting Assistant Commissioner

Whether the Commissioner of Income Tax has jurisdiction under section 263 to revise an assessment order passed by an Inspecting Assistant Commissioner for non-levy of interest under section 215 --- Held Yes. Whether section 263 can be invoked when interest under section 215 was not levied in the assessment order --- Held Yes, as omission to levy interest without exercising discretion to waive it under rule 40 renders the order erroneous and prejudicial to revenue.