https://www.taxtmi.com/caselaws?id=211423 HC held the Commissioner's exercise of revisionary powers under s.263 was unjustified and set aside his order, upholding the Tribunal. The HC found the CIT failed to independently examine or record reasons showing the Assessing Officer's order was erroneous and prejudicial to revenue; mere doubts about valuation or directing the AO to make further enquiries did not suffice. Where the AO had made inquiries, the CIT must reach and record a substantive conclusion on merits before invoking s.263. Decision against the revenue. en-us Thu, 01 Mar 2012 00:00:00 +0530 Mon, 18 Aug 2025 13:02:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211423 HC held the Commissioner's exercise of revisionary powers under s.263 was unjustified and set aside his order, upholding the Tribunal. The HC found the CIT failed to independently examine or record reasons showing the Assessing Officer's order was erroneous and prejudicial to revenue; mere doubts about valuation or directing the AO to make further enquiries did not suffice. Where the AO had made inquiries, the CIT must reach and record a substantive conclusion on merits before invoking s.263. Decision against the revenue. Case-Laws Income Tax Thu, 01 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211423