https://www.taxtmi.com/caselaws?id=790060 Section 263 revision is not sustainable where the Assessing Officer has made inquiry, applied mind, and adopted a plausible tax view. In the reported facts, the assessment record showed examination of the survey-based excess stock, the return, audited accounts, schedules, and the assessee's reply, after which the surrendered amount was accepted as business income. Because the assessment order was based on a conscious and verified decision, a mere preference for taxing the amount under Section 69 and Section 115BBE did not make the order erroneous or prejudicial to the interests of the Revenue. The revision order was therefore liable to be quashed. en-us Thu, 16 Apr 2026 00:00:00 +0530 Sat, 18 Apr 2026 08:22:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790060 Section 263 revision is not sustainable where the Assessing Officer has made inquiry, applied mind, and adopted a plausible tax view. In the reported facts, the assessment record showed examination of the survey-based excess stock, the return, audited accounts, schedules, and the assessee's reply, after which the surrendered amount was accepted as business income. Because the assessment order was based on a conscious and verified decision, a mere preference for taxing the amount under Section 69 and Section 115BBE did not make the order erroneous or prejudicial to the interests of the Revenue. The revision order was therefore liable to be quashed. Case-Laws Income Tax Thu, 16 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790060