https://www.taxtmi.com/caselaws?id=785283 Revision under the CIT's supervisory power was upheld because the Assessing Officer failed to inquire into the precise source of substantial cash deposits that constituted the immediate source of unsecured loans and capital; this absence of enquiry was characterised as a lack of enquiry and rendered the assessment erroneous and prejudicial to revenue, resulting in the PCIT setting aside the assessment. The tribunal accepted that audit objections can form the basis for initiating revision proceedings where facts justify it and relied on precedent requiring the CIT to form and, if necessary, itself conduct enquiry before exercising revision powers; the appeal against the s.263 order was dismissed. en-us Mon, 22 Dec 2025 00:00:00 +0530 Tue, 20 Jan 2026 14:11:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785283 Revision under the CIT's supervisory power was upheld because the Assessing Officer failed to inquire into the precise source of substantial cash deposits that constituted the immediate source of unsecured loans and capital; this absence of enquiry was characterised as a lack of enquiry and rendered the assessment erroneous and prejudicial to revenue, resulting in the PCIT setting aside the assessment. The tribunal accepted that audit objections can form the basis for initiating revision proceedings where facts justify it and relied on precedent requiring the CIT to form and, if necessary, itself conduct enquiry before exercising revision powers; the appeal against the s.263 order was dismissed. Case-Laws Income Tax Mon, 22 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785283