https://www.taxtmi.com/caselaws?id=467867 Revision under section 263 of the Income-tax Act is sustainable only if the assessment order is both erroneous and prejudicial to the Revenue. Here, the reassessment had already examined the assessee's F&O and share transaction details, including ledger accounts, contract notes and profit statements, and the assessee had disclosed F&O profits without claiming the alleged bogus capital loss set-off. Because the revisional authority did not address these explanations or identify any specific surviving error or required enquiry, the assumption of revisionary jurisdiction was not justified and the assessment could not be revised. en-us Fri, 14 Feb 2025 00:00:00 +0530 Tue, 07 Apr 2026 19:31:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467867 Revision under section 263 of the Income-tax Act is sustainable only if the assessment order is both erroneous and prejudicial to the Revenue. Here, the reassessment had already examined the assessee's F&O and share transaction details, including ledger accounts, contract notes and profit statements, and the assessee had disclosed F&O profits without claiming the alleged bogus capital loss set-off. Because the revisional authority did not address these explanations or identify any specific surviving error or required enquiry, the assumption of revisionary jurisdiction was not justified and the assessment could not be revised. Case-Laws Income Tax Fri, 14 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467867