https://www.taxtmi.com/caselaws?id=409727 An assessment order passed without enquiry or verification on a claimed deduction can be treated as erroneous and prejudicial to the interests of the Revenue, attracting revisionary jurisdiction. Where the record shows that the Assessing Officer allowed deduction for unrealised gain on mutual fund while computing book profit without application of mind, and the assessee cannot rebut that factual finding, revision is valid. The merits of the deduction are not ative at that stage because the revisionary authority may only direct fresh examination in accordance with law. The challenge therefore failed. en-us Fri, 09 Jul 2021 00:00:00 +0530 Thu, 15 Jul 2021 08:03:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409727 An assessment order passed without enquiry or verification on a claimed deduction can be treated as erroneous and prejudicial to the interests of the Revenue, attracting revisionary jurisdiction. Where the record shows that the Assessing Officer allowed deduction for unrealised gain on mutual fund while computing book profit without application of mind, and the assessee cannot rebut that factual finding, revision is valid. The merits of the deduction are not ative at that stage because the revisionary authority may only direct fresh examination in accordance with law. The challenge therefore failed. Case-Laws Income Tax Fri, 09 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409727