https://www.taxtmi.com/caselaws?id=312566 An assessment order passed in scrutiny without enquiries or verifications that the facts reasonably required is erroneous and prejudicial to the interests of the Revenue, making revision under section 263 of the Income-tax Act, 1961 valid. The lack of inquiry into large cash deposits, the source of alleged loan repayments, the lending activity, supporting books and records, and related explanations showed a failure to verify material facts. Explanation 2(a) to section 263 reinforces that an order passed without required inquiry or verification is deemed erroneous and prejudicial. en-us Fri, 21 Apr 2017 00:00:00 +0530 Mon, 26 Feb 2024 06:13:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312566 An assessment order passed in scrutiny without enquiries or verifications that the facts reasonably required is erroneous and prejudicial to the interests of the Revenue, making revision under section 263 of the Income-tax Act, 1961 valid. The lack of inquiry into large cash deposits, the source of alleged loan repayments, the lending activity, supporting books and records, and related explanations showed a failure to verify material facts. Explanation 2(a) to section 263 reinforces that an order passed without required inquiry or verification is deemed erroneous and prejudicial. Case-Laws Income Tax Fri, 21 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312566