https://www.taxtmi.com/caselaws?id=155054 Revision under section 263 is not sustainable where the assessment records show that the Assessing Officer raised specific queries, examined the relevant issues and considered the assessee's replies with supporting material. The distinction between absence of enquiry and inadequate enquiry was applied: a Commissioner cannot revise merely because he considers the enquiry insufficient or prefers a different view. The record also showed enquiry into investments in concerns, NSCs, vehicles and house properties, and no material established that the presumptive rate under section 44AE was wrongly applied to vehicles falling within the higher category. In these circumstances, the assessment was not shown to be both erroneous and prejudicial to the Revenue. en-us Fri, 21 Jan 2011 00:00:00 +0530 Mon, 21 Aug 2023 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155054 Revision under section 263 is not sustainable where the assessment records show that the Assessing Officer raised specific queries, examined the relevant issues and considered the assessee's replies with supporting material. The distinction between absence of enquiry and inadequate enquiry was applied: a Commissioner cannot revise merely because he considers the enquiry insufficient or prefers a different view. The record also showed enquiry into investments in concerns, NSCs, vehicles and house properties, and no material established that the presumptive rate under section 44AE was wrongly applied to vehicles falling within the higher category. In these circumstances, the assessment was not shown to be both erroneous and prejudicial to the Revenue. Case-Laws Income Tax Fri, 21 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155054