https://www.taxtmi.com/caselaws?id=431886 Where the assessment record showed no enquiry into unexplained bank credits, alleged short disclosure of contractual receipts, or the debit of the time-extension amount, the assessment was treated as erroneous and prejudicial to the interests of the Revenue. Mere rejection of books and estimation of profit did not substitute for verification of these separate issues, because the Assessing Officer had not shown application of mind to their nature or tax treatment. The revisional power under section 263 was therefore held to have been validly invoked, and the assessment order was upheld. en-us Mon, 12 Dec 2022 00:00:00 +0530 Fri, 23 Dec 2022 09:20:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431886 Where the assessment record showed no enquiry into unexplained bank credits, alleged short disclosure of contractual receipts, or the debit of the time-extension amount, the assessment was treated as erroneous and prejudicial to the interests of the Revenue. Mere rejection of books and estimation of profit did not substitute for verification of these separate issues, because the Assessing Officer had not shown application of mind to their nature or tax treatment. The revisional power under section 263 was therefore held to have been validly invoked, and the assessment order was upheld. Case-Laws Income Tax Mon, 12 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431886