https://www.taxtmi.com/caselaws?id=460892 Revision under section 263 was not sustainable where the Assessing Officer had reopened the assessment to examine a cash deposit, carried out enquiry, verified the assessee's explanation and supporting material, and recorded a finding that the source of the deposit was in order. The Principal Commissioner could not invoke section 263 merely to reappreciate the same material or substitute a different view on the same facts. Because the assessment order was passed after application of mind and enquiry on the very issue, it was not shown to be erroneous and prejudicial to the interests of the Revenue. The assessee therefore succeeded. en-us Fri, 24 May 2024 00:00:00 +0530 Thu, 27 Feb 2025 18:57:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460892 Revision under section 263 was not sustainable where the Assessing Officer had reopened the assessment to examine a cash deposit, carried out enquiry, verified the assessee's explanation and supporting material, and recorded a finding that the source of the deposit was in order. The Principal Commissioner could not invoke section 263 merely to reappreciate the same material or substitute a different view on the same facts. Because the assessment order was passed after application of mind and enquiry on the very issue, it was not shown to be erroneous and prejudicial to the interests of the Revenue. The assessee therefore succeeded. Case-Laws Income Tax Fri, 24 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460892