https://www.taxtmi.com/caselaws?id=235325 The HC held that the revision of the assessment order under Section 263 was erroneous and prejudicial to the Revenue's interest. The Assessing Officer had conducted inquiries regarding the sale consideration declared by the assessee and found no reason for addition. The CIT cannot deem an order erroneous without recording reasons, and reliance can be placed on material available at the time of CIT's examination, not just at the time of the original order. Since inquiries were conducted and no substantial question of law arose, the HC ruled against the Revenue, affirming that the CIT's revision was unjustified. en-us Tue, 09 Jul 2013 00:00:00 +0530 Mon, 04 Aug 2025 16:40:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235325 The HC held that the revision of the assessment order under Section 263 was erroneous and prejudicial to the Revenue's interest. The Assessing Officer had conducted inquiries regarding the sale consideration declared by the assessee and found no reason for addition. The CIT cannot deem an order erroneous without recording reasons, and reliance can be placed on material available at the time of CIT's examination, not just at the time of the original order. Since inquiries were conducted and no substantial question of law arose, the HC ruled against the Revenue, affirming that the CIT's revision was unjustified. Case-Laws Income Tax Tue, 09 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235325