https://www.taxtmi.com/caselaws?id=429537 Revision under section 263 requires the assessment order to be both erroneous and prejudicial to the Revenue, and it cannot be invoked merely because a different view is preferred or further enquiry is thought desirable. On the section 14A point, the assessee had received share of profit from partnership firms but had claimed no expenditure, so there was no basis for disallowance on the record and the revision on that ground failed. On the demonetisation cash deposit issue, the assessee had explained the deposit from cash withdrawn from the capital account, supported by confirmations and account details, and the Assessing Officer had made a specific enquiry before accepting the explanation. The revisional order was therefore unsustainable and the assessment was restored. en-us Wed, 14 Sep 2022 00:00:00 +0530 Tue, 01 Nov 2022 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429537 Revision under section 263 requires the assessment order to be both erroneous and prejudicial to the Revenue, and it cannot be invoked merely because a different view is preferred or further enquiry is thought desirable. On the section 14A point, the assessee had received share of profit from partnership firms but had claimed no expenditure, so there was no basis for disallowance on the record and the revision on that ground failed. On the demonetisation cash deposit issue, the assessee had explained the deposit from cash withdrawn from the capital account, supported by confirmations and account details, and the Assessing Officer had made a specific enquiry before accepting the explanation. The revisional order was therefore unsustainable and the assessment was restored. Case-Laws Income Tax Wed, 14 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429537