https://www.taxtmi.com/caselaws?id=267458 Section 263 revision is not justified where the Assessing Officer has made adequate enquiry and the record shows supporting details for the impugned items. In relation to trade creditors and share application money, the assessee furnished confirmations, addresses, PAN and transaction particulars, while the share application amount was largely an opening balance with limited fresh addition supported by evidence. In relation to expenses, the assessee produced accounts, vouchers, bills and receipts, and the accounts were audited. As no material showed the assessment order to be both erroneous and prejudicial to the Revenue, revision based on a different view or mere suspicion was cancelled. en-us Mon, 05 Oct 2015 00:00:00 +0530 Thu, 05 Nov 2015 22:05:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267458 Section 263 revision is not justified where the Assessing Officer has made adequate enquiry and the record shows supporting details for the impugned items. In relation to trade creditors and share application money, the assessee furnished confirmations, addresses, PAN and transaction particulars, while the share application amount was largely an opening balance with limited fresh addition supported by evidence. In relation to expenses, the assessee produced accounts, vouchers, bills and receipts, and the accounts were audited. As no material showed the assessment order to be both erroneous and prejudicial to the Revenue, revision based on a different view or mere suspicion was cancelled. Case-Laws Income Tax Mon, 05 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267458