Fraudulently obtained SEIS scrips cannot support customs exemption; recovery, confiscation and penalties were sustained, but employee penalty fell awa...
Revisional power over an assessment requires the order to be both erroneous and prejudicial to the Revenue; it cannot be used to replace a legally plausible view already taken after inquiry. Here, the Assessing Officer examined alleged bogus purchases and made an addition of 12.5%, so the dispute was only over the quantum and manner of addition, not a lack of inquiry. As no illegality was shown in the assessment view, revision under Section 263 was not available, and the Tribunal's setting aside of the revisional order was upheld.
Revisional power over an assessment requires the order to be both erroneous and prejudicial to the Revenue; it cannot be used to replace a legally plausible view already taken after inquiry. Here, the Assessing Officer examined alleged bogus purchases and made an addition of 12.5%, so the dispute was only over the quantum and manner of addition, not a lack of inquiry. As no illegality was shown in the assessment view, revision under Section 263 was not available, and the Tribunal's setting aside of the revisional order was upheld.
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