https://www.taxtmi.com/caselaws?id=300027 Revision under section 263 requires the assessment order to be both erroneous and prejudicial to the interests of the Revenue. Where the Assessing Officer issued a questionnaire, sought particulars on additions to assets and capital work in progress, and the assessee furnished the relevant material, the record indicated application of mind. The absence of elaborate reasoning in the assessment order did not by itself justify revision, and a mere view that further enquiry should have been made was insufficient. As no finding of prejudice to the Revenue was recorded, the revisionary order was held unsustainable and was set aside. en-us Wed, 26 Oct 2016 00:00:00 +0530 Mon, 10 Jan 2022 08:59:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300027 Revision under section 263 requires the assessment order to be both erroneous and prejudicial to the interests of the Revenue. Where the Assessing Officer issued a questionnaire, sought particulars on additions to assets and capital work in progress, and the assessee furnished the relevant material, the record indicated application of mind. The absence of elaborate reasoning in the assessment order did not by itself justify revision, and a mere view that further enquiry should have been made was insufficient. As no finding of prejudice to the Revenue was recorded, the revisionary order was held unsustainable and was set aside. Case-Laws Income Tax Wed, 26 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300027