https://www.taxtmi.com/caselaws?id=401749 Revision under section 263 of the Income-tax Act requires the assessment order to be both erroneous and prejudicial to the interests of the revenue. Where the assessment was under limited scrutiny and the Assessing Officer examined the gift declaration, supplementary agreement, and donor's source of funds before accepting the explanation, the order could not be treated as one passed without enquiry. A Principal Commissioner cannot revise an assessment merely because a different view is preferred or further enquiry is considered desirable. On the facts noted, the alleged non-registration of the gift deed also did not establish demonstrable prejudice to the revenue, so invocation of section 263 was unjustified. en-us Wed, 28 Oct 2020 00:00:00 +0530 Mon, 04 Nov 2024 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401749 Revision under section 263 of the Income-tax Act requires the assessment order to be both erroneous and prejudicial to the interests of the revenue. Where the assessment was under limited scrutiny and the Assessing Officer examined the gift declaration, supplementary agreement, and donor's source of funds before accepting the explanation, the order could not be treated as one passed without enquiry. A Principal Commissioner cannot revise an assessment merely because a different view is preferred or further enquiry is considered desirable. On the facts noted, the alleged non-registration of the gift deed also did not establish demonstrable prejudice to the revenue, so invocation of section 263 was unjustified. Case-Laws Income Tax Wed, 28 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401749