https://www.taxtmi.com/caselaws?id=128188 Revisional assessment power cannot be exercised on conjecture or speculative assumptions; the authority must rely on material already available in the assessment record before initiating revision. The High Court noted that revisional action based only on an inference that the assessee could not have incurred repeated losses, or on an unsubstantiated estimate of higher payments, lacked a proper foundation. Notices and assessment orders issued on that basis were therefore quashed, with liberty to issue fresh notices only if a real basis existed on the record. The note underscores that revisional jurisdiction cannot travel beyond the existing assessment material. en-us Tue, 15 Nov 1960 00:00:00 +0530 Fri, 29 Mar 2013 18:09:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=128188 Revisional assessment power cannot be exercised on conjecture or speculative assumptions; the authority must rely on material already available in the assessment record before initiating revision. The High Court noted that revisional action based only on an inference that the assessee could not have incurred repeated losses, or on an unsubstantiated estimate of higher payments, lacked a proper foundation. Notices and assessment orders issued on that basis were therefore quashed, with liberty to issue fresh notices only if a real basis existed on the record. The note underscores that revisional jurisdiction cannot travel beyond the existing assessment material. Case-Laws VAT and Sales Tax Tue, 15 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=128188