https://www.taxtmi.com/caselaws?id=468322 Revision under section 263 is unsustainable where the Assessing Officer, after calling for details, accepts the assessee's explanation on the disputed transaction and makes no addition on that basis. The assessee produced bills, ledger extracts, bank records, tax deduction material and the counterparty's annual report to show that the amount was a business payment for loading and supervision charges, not an unsecured loan. A revisionary order cannot rest on a different factual premise, nor on a mere allegation of inadequate inquiry when the initial burden on the transaction has been discharged. The revision was therefore invalid and the order was quashed. en-us Thu, 08 May 2025 00:00:00 +0530 Tue, 28 Apr 2026 19:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468322 Revision under section 263 is unsustainable where the Assessing Officer, after calling for details, accepts the assessee's explanation on the disputed transaction and makes no addition on that basis. The assessee produced bills, ledger extracts, bank records, tax deduction material and the counterparty's annual report to show that the amount was a business payment for loading and supervision charges, not an unsecured loan. A revisionary order cannot rest on a different factual premise, nor on a mere allegation of inadequate inquiry when the initial burden on the transaction has been discharged. The revision was therefore invalid and the order was quashed. Case-Laws Income Tax Thu, 08 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468322