https://www.taxtmi.com/caselaws?id=785957 Revision under section 263 challenged the assessment made on alleged bogus purchases; the tribunal held that where the assessing officer issued statutory notices, called for information from third parties, considered submissions and adopted a permissible view, the revisional authority cannot substitute that plausible view by declaring the order erroneous or prejudicial to revenue. The revisional proceedings therefore amounted to a wrongful assumption of jurisdiction, and the revision was set aside. Reference was made to the principle that an AO's plausible view is not to be overturned lightly, resulting in relief to the assessee. en-us Thu, 29 Jan 2026 00:00:00 +0530 Tue, 03 Feb 2026 08:39:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785957 Revision under section 263 challenged the assessment made on alleged bogus purchases; the tribunal held that where the assessing officer issued statutory notices, called for information from third parties, considered submissions and adopted a permissible view, the revisional authority cannot substitute that plausible view by declaring the order erroneous or prejudicial to revenue. The revisional proceedings therefore amounted to a wrongful assumption of jurisdiction, and the revision was set aside. Reference was made to the principle that an AO's plausible view is not to be overturned lightly, resulting in relief to the assessee. Case-Laws Income Tax Thu, 29 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785957