https://www.taxtmi.com/caselaws?id=787775 Exercise of revisionary jurisdiction under section 263 was affirmed where the assessment was completed after scrutiny selection without adequate verification of large expenditure entries and director particulars; the supervisory authority found the assessing officer erred by accepting affidavits and explanations without third party enquiries or detailed examination to satisfy genuineness, and thereby held the order both erroneous and prejudicial to revenue. The assessment was set aside and remitted for fresh enquiry with a direction to afford the assessee opportunity of hearing before finalization. en-us Wed, 11 Feb 2026 00:00:00 +0530 Thu, 12 Mar 2026 08:33:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787775 Exercise of revisionary jurisdiction under section 263 was affirmed where the assessment was completed after scrutiny selection without adequate verification of large expenditure entries and director particulars; the supervisory authority found the assessing officer erred by accepting affidavits and explanations without third party enquiries or detailed examination to satisfy genuineness, and thereby held the order both erroneous and prejudicial to revenue. The assessment was set aside and remitted for fresh enquiry with a direction to afford the assessee opportunity of hearing before finalization. Case-Laws Income Tax Wed, 11 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787775