https://www.taxtmi.com/caselaws?id=422096 Revisional jurisdiction under section 263 can be invoked only where the assessment order is both erroneous and prejudicial to the interests of revenue. Where an earlier revisional order had already directed enquiry into share capital and share premium, and the Assessing Officer later examined bank statements, audited accounts, PAN/CIN details, returns and other supporting materials before accepting the claim, a second revision could not rest on a mere different view or alleged inadequate enquiry. In the absence of any specific factual omission or material showing the assessment view was unsustainable, the second revisional order lacked jurisdiction and was quashed. The assessee's onus on identity, creditworthiness and genuineness was treated as discharged on the record. en-us Fri, 11 Mar 2022 00:00:00 +0530 Mon, 09 May 2022 08:39:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422096 Revisional jurisdiction under section 263 can be invoked only where the assessment order is both erroneous and prejudicial to the interests of revenue. Where an earlier revisional order had already directed enquiry into share capital and share premium, and the Assessing Officer later examined bank statements, audited accounts, PAN/CIN details, returns and other supporting materials before accepting the claim, a second revision could not rest on a mere different view or alleged inadequate enquiry. In the absence of any specific factual omission or material showing the assessment view was unsustainable, the second revisional order lacked jurisdiction and was quashed. The assessee's onus on identity, creditworthiness and genuineness was treated as discharged on the record. Case-Laws Income Tax Fri, 11 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422096