https://www.taxtmi.com/caselaws?id=427338 Section 263 revision was not justified where the Assessing Officer had examined the materials on capital gains, including acquisition and sale documents, computation, and reconciliation records, and had completed the assessment after enquiry. The absence of an express discussion in the assessment order did not by itself show lack of enquiry. On book profit under section 115JB, audited accounts certified under the Companies Act supported the assessment, and the Assessing Officer's scrutiny was confined to statutory adjustments. Revision under section 263 requires the order to be both erroneous and prejudicial to the interests of the Revenue, which was not shown; the assessment order was restored. en-us Mon, 25 Jul 2022 00:00:00 +0530 Wed, 07 Sep 2022 06:46:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427338 Section 263 revision was not justified where the Assessing Officer had examined the materials on capital gains, including acquisition and sale documents, computation, and reconciliation records, and had completed the assessment after enquiry. The absence of an express discussion in the assessment order did not by itself show lack of enquiry. On book profit under section 115JB, audited accounts certified under the Companies Act supported the assessment, and the Assessing Officer's scrutiny was confined to statutory adjustments. Revision under section 263 requires the order to be both erroneous and prejudicial to the interests of the Revenue, which was not shown; the assessment order was restored. Case-Laws Income Tax Mon, 25 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427338