https://www.taxtmi.com/caselaws?id=426929 Section 263 revision requires the assessment order to be both erroneous and prejudicial to the Revenue. Where the Assessing Officer issued queries, examined the material and adopted a plausible view on share capital receipts, revision could not be sustained merely because the enquiry was considered inadequate or further verification was desired. The same principle applied to the section 14A read with Rule 8D issue: the Assessing Officer had called for details, considered the assessee's explanation that no exempt income was claimed, and consciously accepted that no further disallowance was warranted. On both issues, the revisional order was held unsustainable and the assessment order was upheld. en-us Wed, 24 Aug 2022 00:00:00 +0530 Mon, 29 Aug 2022 08:30:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426929 Section 263 revision requires the assessment order to be both erroneous and prejudicial to the Revenue. Where the Assessing Officer issued queries, examined the material and adopted a plausible view on share capital receipts, revision could not be sustained merely because the enquiry was considered inadequate or further verification was desired. The same principle applied to the section 14A read with Rule 8D issue: the Assessing Officer had called for details, considered the assessee's explanation that no exempt income was claimed, and consciously accepted that no further disallowance was warranted. On both issues, the revisional order was held unsustainable and the assessment order was upheld. Case-Laws Income Tax Wed, 24 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426929