https://www.taxtmi.com/caselaws?id=17751 Revision under section 263 of the Income-tax Act is sustainable only when the assessment order is both erroneous and prejudicial to the interests of the Revenue. A lack of proper enquiry may make an assessment erroneous, but prejudice must still be shown. Where the assessee failed to produce cogent material for the surrendered amounts, the unreversed factual finding that the assessments were prejudicial to revenue justified revision. A surrendered amount does not lose taxability merely because it was brought to tax in the assessee's hands; acceptance without enquiry can still prejudice the Revenue if the amount was not genuinely assessable there. en-us Wed, 08 Jan 1997 00:00:00 +0530 Thu, 24 Sep 2009 15:55:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17751 Revision under section 263 of the Income-tax Act is sustainable only when the assessment order is both erroneous and prejudicial to the interests of the Revenue. A lack of proper enquiry may make an assessment erroneous, but prejudice must still be shown. Where the assessee failed to produce cogent material for the surrendered amounts, the unreversed factual finding that the assessments were prejudicial to revenue justified revision. A surrendered amount does not lose taxability merely because it was brought to tax in the assessee's hands; acceptance without enquiry can still prejudice the Revenue if the amount was not genuinely assessable there. Case-Laws Income Tax Wed, 08 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17751