https://www.taxtmi.com/caselaws?id=432010 The Principal Commissioner cannot invoke revision under section 263 where the Assessing Officer has already examined the limited-scrutiny issue and made enquiries on the assessee's money-lending activity and bad-debt claim. The assessment record showed that the Assessing Officer considered the bad-debt claim, summoned debtors, recorded statements, and obtained written confirmations from those unable to appear, demonstrating application of mind and proper enquiry on the very matter later sought to be revised. As the revision rested on material already examined in assessment, the Tribunal held that the assessment could not be treated as erroneous and prejudicial to the interests of the Revenue on that ground, and the revision order was quashed. en-us Fri, 23 Dec 2022 00:00:00 +0530 Mon, 26 Dec 2022 09:10:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432010 The Principal Commissioner cannot invoke revision under section 263 where the Assessing Officer has already examined the limited-scrutiny issue and made enquiries on the assessee's money-lending activity and bad-debt claim. The assessment record showed that the Assessing Officer considered the bad-debt claim, summoned debtors, recorded statements, and obtained written confirmations from those unable to appear, demonstrating application of mind and proper enquiry on the very matter later sought to be revised. As the revision rested on material already examined in assessment, the Tribunal held that the assessment could not be treated as erroneous and prejudicial to the interests of the Revenue on that ground, and the revision order was quashed. Case-Laws Income Tax Fri, 23 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432010