https://www.taxtmi.com/caselaws?id=23063 HC upheld the Commissioner's revision under s.263, setting aside the ITO's order as erroneous and prejudicial to Revenue. The court found the ITO had accepted treatment of a refunded excise duty as not assessable income without proper enquiry, relying improperly on the pendency of third-party litigation. The Commissioner's conclusion that the ITO's order resulted from inadequate investigation and was prejudicial to Revenue was sustained and the exercise of revisionary power was held valid. en-us Wed, 22 Aug 1990 00:00:00 +0530 Mon, 27 Oct 2025 18:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23063 HC upheld the Commissioner's revision under s.263, setting aside the ITO's order as erroneous and prejudicial to Revenue. The court found the ITO had accepted treatment of a refunded excise duty as not assessable income without proper enquiry, relying improperly on the pendency of third-party litigation. The Commissioner's conclusion that the ITO's order resulted from inadequate investigation and was prejudicial to Revenue was sustained and the exercise of revisionary power was held valid. Case-Laws Income Tax Wed, 22 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23063