https://www.taxtmi.com/caselaws?id=418387 An assessment allowing exemption for alleged agricultural income from tissue cultured banana saplings was held liable to revision because the Assessing Officer had not made the factual enquiry or verification needed to test the claim. Explanation 2 to section 263, inserted by the Finance Act, 2015, deems an order erroneous and prejudicial to the interests of Revenue where requisite enquiries are not made. On that basis, the Principal Commissioner's revisionary jurisdiction was upheld. en-us Thu, 03 Feb 2022 00:00:00 +0530 Wed, 16 Feb 2022 08:12:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418387 An assessment allowing exemption for alleged agricultural income from tissue cultured banana saplings was held liable to revision because the Assessing Officer had not made the factual enquiry or verification needed to test the claim. Explanation 2 to section 263, inserted by the Finance Act, 2015, deems an order erroneous and prejudicial to the interests of Revenue where requisite enquiries are not made. On that basis, the Principal Commissioner's revisionary jurisdiction was upheld. Case-Laws Income Tax Thu, 03 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418387