https://www.taxtmi.com/caselaws?id=422676 Revision under section 263 cannot rest solely on a revenue audit objection; it requires independent material showing the assessment is both erroneous and prejudicial to the revenue, and scrutiny queries already answered by the assessee will not support revisional interference. For deemed application under section 11(1), the later prescribed form requirement did not apply to the relevant year, and disclosure in the return, computation and audit report was sufficient written communication of the option. On these principles, the revisional order was unsustainable and the assessee's exemption claim was upheld. en-us Wed, 20 Apr 2022 00:00:00 +0530 Fri, 20 May 2022 09:00:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422676 Revision under section 263 cannot rest solely on a revenue audit objection; it requires independent material showing the assessment is both erroneous and prejudicial to the revenue, and scrutiny queries already answered by the assessee will not support revisional interference. For deemed application under section 11(1), the later prescribed form requirement did not apply to the relevant year, and disclosure in the return, computation and audit report was sufficient written communication of the option. On these principles, the revisional order was unsustainable and the assessee's exemption claim was upheld. Case-Laws Income Tax Wed, 20 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422676