https://www.taxtmi.com/caselaws?id=466559 Assessing Officer failed to inquire into valuation of leased-out closing stock and the tax effect of a change in nature/mode of business despite documentary indicators; Explanation 2(a) to section 263 treats an order passed without requisite inquiries as erroneous and prejudicial. ITAT Raipur held that the absence of verification on these material points satisfied the statutory test for revision and required reframing of assessment. Consequently the revisional exercise under the provision was justified and the revisional order setting aside the assessment and directing fresh consideration was upheld. en-us Wed, 25 Sep 2024 00:00:00 +0530 Thu, 12 Feb 2026 19:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466559 Assessing Officer failed to inquire into valuation of leased-out closing stock and the tax effect of a change in nature/mode of business despite documentary indicators; Explanation 2(a) to section 263 treats an order passed without requisite inquiries as erroneous and prejudicial. ITAT Raipur held that the absence of verification on these material points satisfied the statutory test for revision and required reframing of assessment. Consequently the revisional exercise under the provision was justified and the revisional order setting aside the assessment and directing fresh consideration was upheld. Case-Laws Income Tax Wed, 25 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466559