https://www.taxtmi.com/caselaws?id=466515 Revision of assessment on the write off of a loan to a joint venture raised the question whether the assessing officer had failed to examine earlier year entries and apply mind, justifying exercise of revisional jurisdiction. The tribunal found the assessing officer had issued notices and received replies, and that two reasonable views existed on allowability and capital-versus-revenue character; where AO applies mind and takes one view, exercise of revisional powers is impermissible. Comparative decisions showing mere non inquiry were distinguished. Consequently the revisional order was quashed and the assessee's appeal allowed. en-us Thu, 24 Jul 2025 00:00:00 +0530 Tue, 10 Feb 2026 19:01:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466515 Revision of assessment on the write off of a loan to a joint venture raised the question whether the assessing officer had failed to examine earlier year entries and apply mind, justifying exercise of revisional jurisdiction. The tribunal found the assessing officer had issued notices and received replies, and that two reasonable views existed on allowability and capital-versus-revenue character; where AO applies mind and takes one view, exercise of revisional powers is impermissible. Comparative decisions showing mere non inquiry were distinguished. Consequently the revisional order was quashed and the assessee's appeal allowed. Case-Laws Income Tax Thu, 24 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466515