https://www.taxtmi.com/caselaws?id=237177 Revision under section 263 was held unsustainable because the assessment record showed proper inquiry into the assessee's deduction claim and related business facts. The assessee had produced the audit report, approvals and supporting material to establish that the claim was under section 10A, and not section 10B, while the Assessing Officer had issued detailed queries, examined replies and considered the profitability and nature of activity before accepting the return. On those facts, the matter was not one of absence of inquiry, and mere inadequacy of inquiry could not justify revision without a finding that the assessment was both erroneous and prejudicial to the Revenue. The revisional order was quashed and the assessment restored. en-us Fri, 13 Sep 2013 00:00:00 +0530 Fri, 20 Sep 2013 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237177 Revision under section 263 was held unsustainable because the assessment record showed proper inquiry into the assessee's deduction claim and related business facts. The assessee had produced the audit report, approvals and supporting material to establish that the claim was under section 10A, and not section 10B, while the Assessing Officer had issued detailed queries, examined replies and considered the profitability and nature of activity before accepting the return. On those facts, the matter was not one of absence of inquiry, and mere inadequacy of inquiry could not justify revision without a finding that the assessment was both erroneous and prejudicial to the Revenue. The revisional order was quashed and the assessment restored. Case-Laws Income Tax Fri, 13 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237177