https://www.taxtmi.com/caselaws?id=236446 Revision under the Income-tax Act can be sustained where the assessment order is erroneous and prejudicial because the Assessing Officer failed to make enquiries warranted by the facts. The commentary notes that, for share subscription credits, the required enquiry included the identity, capacity and genuineness of Mauritius-based investors and the source of funds; because the enquiry was incomplete when the assessment was finalised, revision was justified. It also states that the Dispute Resolution Panel's remarks were only clarificatory and did not, by themselves, bar revision, since the principal defect remained the absence of adequate enquiry. en-us Fri, 16 Aug 2013 00:00:00 +0530 Fri, 30 Aug 2013 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236446 Revision under the Income-tax Act can be sustained where the assessment order is erroneous and prejudicial because the Assessing Officer failed to make enquiries warranted by the facts. The commentary notes that, for share subscription credits, the required enquiry included the identity, capacity and genuineness of Mauritius-based investors and the source of funds; because the enquiry was incomplete when the assessment was finalised, revision was justified. It also states that the Dispute Resolution Panel's remarks were only clarificatory and did not, by themselves, bar revision, since the principal defect remained the absence of adequate enquiry. Case-Laws Income Tax Fri, 16 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236446