https://www.taxtmi.com/caselaws?id=467081 Revisionary jurisdiction under section 263 was found to be validly exercised where the Commissioner identified material matters not examined by the assessing officer; the setting aside of the assessment was therefore upheld. However, directions that effectively made final additions and disallowed expenses based solely on third party ledger information, without fresh verification or affording the assessee an opportunity to reconcile or explain, were unsustainable; those directions were set aside and the matter remitted to the assessing officer for fresh examination with full opportunity to the assessee. The Tribunal also condoned the delay in filing the appeal as reasonably explained. en-us Wed, 23 Apr 2014 00:00:00 +0530 Thu, 05 Mar 2026 16:08:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467081 Revisionary jurisdiction under section 263 was found to be validly exercised where the Commissioner identified material matters not examined by the assessing officer; the setting aside of the assessment was therefore upheld. However, directions that effectively made final additions and disallowed expenses based solely on third party ledger information, without fresh verification or affording the assessee an opportunity to reconcile or explain, were unsustainable; those directions were set aside and the matter remitted to the assessing officer for fresh examination with full opportunity to the assessee. The Tribunal also condoned the delay in filing the appeal as reasonably explained. Case-Laws Income Tax Wed, 23 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467081