https://www.taxtmi.com/caselaws?id=217489 The Gauhati High Court allowed the Revenue's appeal, upholding the Commissioner of Income Tax's exercise of jurisdiction under section 263 of the Income Tax Act, 1961. The Court emphasized the necessity of thorough inquiries to verify transaction genuineness, particularly in cases involving substantial price changes and potential undisclosed income. Errors such as incorrect fact assumptions, law misapplications, or lack of diligence justified revisional intervention to protect Revenue interests. en-us Wed, 29 Feb 2012 00:00:00 +0530 Tue, 16 Oct 2012 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217489 The Gauhati High Court allowed the Revenue's appeal, upholding the Commissioner of Income Tax's exercise of jurisdiction under section 263 of the Income Tax Act, 1961. The Court emphasized the necessity of thorough inquiries to verify transaction genuineness, particularly in cases involving substantial price changes and potential undisclosed income. Errors such as incorrect fact assumptions, law misapplications, or lack of diligence justified revisional intervention to protect Revenue interests. Case-Laws Income Tax Wed, 29 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217489