https://www.taxtmi.com/caselaws?id=469758 Revisionary jurisdiction under section 263 was upheld where the Assessing Officer accepted share capital and share premium without meaningful enquiry or verification of the credits' nature and source. The record showed substantial receipts from multiple investor concerns, yet the assessee did not produce supporting material despite opportunity. The revisional authority held that later utilisation of funds could not replace the required enquiry into credits recorded in the books, and treated the assessment order as both erroneous and prejudicial to the interests of the Revenue. Fresh assessment was therefore warranted. en-us Mon, 10 Mar 2025 00:00:00 +0530 Thu, 02 Jul 2026 20:38:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469758 Revisionary jurisdiction under section 263 was upheld where the Assessing Officer accepted share capital and share premium without meaningful enquiry or verification of the credits' nature and source. The record showed substantial receipts from multiple investor concerns, yet the assessee did not produce supporting material despite opportunity. The revisional authority held that later utilisation of funds could not replace the required enquiry into credits recorded in the books, and treated the assessment order as both erroneous and prejudicial to the interests of the Revenue. Fresh assessment was therefore warranted. Case-Laws Income Tax Mon, 10 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469758