https://www.taxtmi.com/caselaws?id=331073 Section 263 revision was upheld where the Assessing Officer accepted commodity exchange loss as business loss without adequate enquiry into the true character of the transactions. The assessee was not a NCDEX member and produced no proof of actual delivery, while the material suggested speculative commodity dealings. On those facts, the assessment order was treated as erroneous and prejudicial to the interests of the Revenue because it reflected inadequate application of mind and required further verification. The principle that revision cannot be based merely on another possible view was held inapplicable where the order itself showed insufficient examination. en-us Mon, 20 Jun 2016 00:00:00 +0530 Fri, 12 Aug 2016 13:20:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331073 Section 263 revision was upheld where the Assessing Officer accepted commodity exchange loss as business loss without adequate enquiry into the true character of the transactions. The assessee was not a NCDEX member and produced no proof of actual delivery, while the material suggested speculative commodity dealings. On those facts, the assessment order was treated as erroneous and prejudicial to the interests of the Revenue because it reflected inadequate application of mind and required further verification. The principle that revision cannot be based merely on another possible view was held inapplicable where the order itself showed insufficient examination. Case-Laws Income Tax Mon, 20 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331073