https://www.taxtmi.com/caselaws?id=19343 The HC held that the Commissioner validly exercised revisional jurisdiction under section 263 of the Income-tax Act, 1961, as the original assessment accepting share capital was completed without proper and necessary enquiry into the identity, genuineness and creditworthiness of the shareholders. On facts, multiple summons were unserved, several shareholders did not appear personally, confirmations were suspiciously uniform, and crucial employment details of certain subscribers could not be verified. The HC ruled that the Assessing Officer was not precluded from examining the source of shareholders' investments and that failure to do so rendered the assessment erroneous and prejudicial to the Revenue. The Tribunal's annulment of the section 263 order was set aside. en-us Mon, 03 Feb 1992 00:00:00 +0530 Tue, 09 Dec 2025 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19343 The HC held that the Commissioner validly exercised revisional jurisdiction under section 263 of the Income-tax Act, 1961, as the original assessment accepting share capital was completed without proper and necessary enquiry into the identity, genuineness and creditworthiness of the shareholders. On facts, multiple summons were unserved, several shareholders did not appear personally, confirmations were suspiciously uniform, and crucial employment details of certain subscribers could not be verified. The HC ruled that the Assessing Officer was not precluded from examining the source of shareholders' investments and that failure to do so rendered the assessment erroneous and prejudicial to the Revenue. The Tribunal's annulment of the section 263 order was set aside. Case-Laws Income Tax Mon, 03 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19343