https://www.taxtmi.com/caselaws?id=349226 HC upheld the Tribunal's validation of the Commissioner's exercise of revisionary power under s.263, ruling against the assessee. The court found the AO failed to conduct legally required inquiries after a massively revised return (1872% increase) and large unexplained cash sales and investments, so the Commissioner's view that the assessment was erroneous was justified. The Commissioner's broad powers to cancel, modify or direct fresh assessment were available, and the Tribunal properly examined all relevant records. The decision to remit the matter for appropriate action was sustained. en-us Thu, 05 Oct 2017 00:00:00 +0530 Sat, 27 Sep 2025 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349226 HC upheld the Tribunal's validation of the Commissioner's exercise of revisionary power under s.263, ruling against the assessee. The court found the AO failed to conduct legally required inquiries after a massively revised return (1872% increase) and large unexplained cash sales and investments, so the Commissioner's view that the assessment was erroneous was justified. The Commissioner's broad powers to cancel, modify or direct fresh assessment were available, and the Tribunal properly examined all relevant records. The decision to remit the matter for appropriate action was sustained. Case-Laws Income Tax Thu, 05 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349226