https://www.taxtmi.com/caselaws?id=22081 Revisional power under section 263 of the Income-tax Act could not be exercised on the basis of material not available to the assessing authority when the assessment was made. The Tribunal's view was upheld that later-discovered material could not justify revision of the 1975-76 assessment on the record then before the officer. The Explanation inserted to section 263(1) was not applied, as it came into force only on 1 June 1988 and therefore did not govern the reference. The answer was returned in favour of the assessees. en-us Mon, 24 Jun 1991 00:00:00 +0530 Fri, 12 Oct 2018 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22081 Revisional power under section 263 of the Income-tax Act could not be exercised on the basis of material not available to the assessing authority when the assessment was made. The Tribunal's view was upheld that later-discovered material could not justify revision of the 1975-76 assessment on the record then before the officer. The Explanation inserted to section 263(1) was not applied, as it came into force only on 1 June 1988 and therefore did not govern the reference. The answer was returned in favour of the assessees. Case-Laws Income Tax Mon, 24 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22081