https://www.taxtmi.com/caselaws?id=234163 Revision under section 263 was considered in relation to an Assessing Officer's failure to examine whether unaccounted advances were assessable as business income or as deemed income, and whether that characterisation affected partners' remuneration under section 40(b)(v). The assessment record showed treatment of the disclosure as business income, but no adequate enquiry into the proper head of income or its impact on book profit and deduction claims. In the absence of material showing due enquiry, the order was treated as erroneous and prejudicial to the Revenue, and the revisionary order was upheld. en-us Tue, 30 Apr 2013 00:00:00 +0530 Fri, 31 May 2013 06:32:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234163 Revision under section 263 was considered in relation to an Assessing Officer's failure to examine whether unaccounted advances were assessable as business income or as deemed income, and whether that characterisation affected partners' remuneration under section 40(b)(v). The assessment record showed treatment of the disclosure as business income, but no adequate enquiry into the proper head of income or its impact on book profit and deduction claims. In the absence of material showing due enquiry, the order was treated as erroneous and prejudicial to the Revenue, and the revisionary order was upheld. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234163