https://www.taxtmi.com/caselaws?id=787036 Whether revisionary powers under Section 263 were rightly invoked: the tribunal applied the principle that revision is permissible only where the assessment order is both erroneous and prejudicial to revenue and where there is a lack of inquiry. Because the Assessing Officer had reopened the assessment, examined cash deposits, obtained schedules and audited balance-sheet entries, and accepted explanations, the essential condition of lack of inquiry was not met. Re-appreciation of audited classifications by the revisional authority amounted to a change of opinion, not correction of an erroneous assessment; accordingly the revision order was quashed and the appeal allowed for the assessee. en-us Wed, 18 Feb 2026 00:00:00 +0530 Wed, 25 Feb 2026 07:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787036 Whether revisionary powers under Section 263 were rightly invoked: the tribunal applied the principle that revision is permissible only where the assessment order is both erroneous and prejudicial to revenue and where there is a lack of inquiry. Because the Assessing Officer had reopened the assessment, examined cash deposits, obtained schedules and audited balance-sheet entries, and accepted explanations, the essential condition of lack of inquiry was not met. Re-appreciation of audited classifications by the revisional authority amounted to a change of opinion, not correction of an erroneous assessment; accordingly the revision order was quashed and the appeal allowed for the assessee. Case-Laws Income Tax Wed, 18 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787036