https://www.taxtmi.com/caselaws?id=462343 ITAT held that CIT's revision u/s 263 was invalid where AO had conducted extensive inquiry and made additions after survey operations. The tribunal ruled that CIT cannot re-examine assessment merely because addition amount appears lower than CIT's opinion, as this does not constitute "erroneous and prejudicial to revenue." CIT lacks power to substitute AO's quasi-judicial decision with higher estimated income figures when original assessment was based on proper inquiry. The revision order was cancelled and assessee's appeal was allowed. en-us Tue, 03 Apr 2012 00:00:00 +0530 Thu, 12 Jun 2025 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462343 ITAT held that CIT's revision u/s 263 was invalid where AO had conducted extensive inquiry and made additions after survey operations. The tribunal ruled that CIT cannot re-examine assessment merely because addition amount appears lower than CIT's opinion, as this does not constitute "erroneous and prejudicial to revenue." CIT lacks power to substitute AO's quasi-judicial decision with higher estimated income figures when original assessment was based on proper inquiry. The revision order was cancelled and assessee's appeal was allowed. Case-Laws Income Tax Tue, 03 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462343