https://www.taxtmi.com/caselaws?id=264683 Section 263 revision was upheld where the Assessing Officer allowed a deduction claim without examining the relevant material. The assessment record showed no proper enquiry into the assessee's claim that an amount of business loss had been allowed, while the material indicated it had been adjusted against statutory reserves and the opening credit balance in the profit and loss account. In these circumstances, the failure to verify the claim made the assessment order erroneous and prejudicial to the interests of the Revenue, justifying revision and a fresh assessment. en-us Mon, 31 Aug 2015 00:00:00 +0530 Wed, 30 Sep 2015 06:23:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264683 Section 263 revision was upheld where the Assessing Officer allowed a deduction claim without examining the relevant material. The assessment record showed no proper enquiry into the assessee's claim that an amount of business loss had been allowed, while the material indicated it had been adjusted against statutory reserves and the opening credit balance in the profit and loss account. In these circumstances, the failure to verify the claim made the assessment order erroneous and prejudicial to the interests of the Revenue, justifying revision and a fresh assessment. Case-Laws Income Tax Mon, 31 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264683