https://www.taxtmi.com/caselaws?id=792754 Revision under section 263 was upheld where a reassessment under section 147 had accepted an assessee's explanation for alleged accommodation entries without adequate verification. The record showed that the Assessing Officer did not examine the source of the source, and the lender's bank trail reflected immediate corresponding credits and debits, indicating that deeper scrutiny was required. In these circumstances, the reassessment order was treated as erroneous and prejudicial to the interests of the Revenue. The text also states that there is no blanket bar on revision merely because the same subject matter formed the basis of reopening, if the Assessing Officer failed to carry out the enquiries warranted by the material on record. en-us Fri, 15 May 2026 00:00:00 +0530 Wed, 03 Jun 2026 08:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792754 Revision under section 263 was upheld where a reassessment under section 147 had accepted an assessee's explanation for alleged accommodation entries without adequate verification. The record showed that the Assessing Officer did not examine the source of the source, and the lender's bank trail reflected immediate corresponding credits and debits, indicating that deeper scrutiny was required. In these circumstances, the reassessment order was treated as erroneous and prejudicial to the interests of the Revenue. The text also states that there is no blanket bar on revision merely because the same subject matter formed the basis of reopening, if the Assessing Officer failed to carry out the enquiries warranted by the material on record. Case-Laws Income Tax Fri, 15 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792754