https://www.taxtmi.com/caselaws?id=467797 Revision under section 263 can be sustained where the Assessing Officer accepts a return without examining a prima facie relevant issue, because lack of enquiry can render the assessment order both erroneous and prejudicial to the interests of revenue. In this matter, the assessment was revised on the ground that no examination was made of the tax treatment of mark-to-market gains from derivative and forward contracts recognised on accrual basis in the profit and loss account. As there was no material showing that the issue had been considered during assessment, the revisional authority's finding of inadequate enquiry was upheld and the revision was held valid. en-us Wed, 14 Sep 2022 00:00:00 +0530 Fri, 03 Apr 2026 15:44:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467797 Revision under section 263 can be sustained where the Assessing Officer accepts a return without examining a prima facie relevant issue, because lack of enquiry can render the assessment order both erroneous and prejudicial to the interests of revenue. In this matter, the assessment was revised on the ground that no examination was made of the tax treatment of mark-to-market gains from derivative and forward contracts recognised on accrual basis in the profit and loss account. As there was no material showing that the issue had been considered during assessment, the revisional authority's finding of inadequate enquiry was upheld and the revision was held valid. Case-Laws Income Tax Wed, 14 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467797