https://www.taxtmi.com/caselaws?id=403572 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 Assessing Officer, after the earlier revisional directions, examined the share capital and share premium receipts, called for details from the share applicants, and reviewed financial statements, bank records, returns and sworn statements, the order could not be treated as one passed without enquiry merely because the revisional authority wanted deeper examination. Acceptance of the transactions on that material was a plausible view on facts. A second revision on the same subject matter was therefore not sustainable without showing a specific legal error in the enquiry already made. en-us Tue, 12 Jan 2021 00:00:00 +0530 Tue, 02 Feb 2021 14:53:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403572 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 Assessing Officer, after the earlier revisional directions, examined the share capital and share premium receipts, called for details from the share applicants, and reviewed financial statements, bank records, returns and sworn statements, the order could not be treated as one passed without enquiry merely because the revisional authority wanted deeper examination. Acceptance of the transactions on that material was a plausible view on facts. A second revision on the same subject matter was therefore not sustainable without showing a specific legal error in the enquiry already made. Case-Laws Income Tax Tue, 12 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403572