https://www.taxtmi.com/caselaws?id=18865 Revisional jurisdiction under section 24(2) required the assessment order to be both erroneous and prejudicial to the Revenue. The Gift-tax Officer had examined the balance-sheet, considered valuation materials, and applied an appropriate valuation method for the gifted shares, so the assessments were not cryptic or made without application of mind. On those facts, the Commissioner could not invoke revision merely to substitute a different valuation approach, and the revisional proceedings were held liable to be quashed. en-us Fri, 30 Sep 1994 00:00:00 +0530 Mon, 02 Nov 2009 14:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18865 Revisional jurisdiction under section 24(2) required the assessment order to be both erroneous and prejudicial to the Revenue. The Gift-tax Officer had examined the balance-sheet, considered valuation materials, and applied an appropriate valuation method for the gifted shares, so the assessments were not cryptic or made without application of mind. On those facts, the Commissioner could not invoke revision merely to substitute a different valuation approach, and the revisional proceedings were held liable to be quashed. Case-Laws Income Tax Fri, 30 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18865