https://www.taxtmi.com/caselaws?id=794325 Revisional jurisdiction under section 263 of the Income-tax Act cannot be invoked unless the assessment order is both erroneous and prejudicial to the Revenue, and a mere possibility of a different view on inquiry is insufficient. Here, the assessee had produced documents, bank records, contract notes, demat statements and broker confirmations before the AO, who examined the material and adopted a permissible view on the share transactions. The Principal Commissioner failed to show any lack of inquiry or record adequate reasons to justify revision, so the section 263 order was not sustainable and the Tribunal's order quashing it was upheld. en-us Mon, 22 Jun 2026 00:00:00 +0530 Fri, 03 Jul 2026 08:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794325 Revisional jurisdiction under section 263 of the Income-tax Act cannot be invoked unless the assessment order is both erroneous and prejudicial to the Revenue, and a mere possibility of a different view on inquiry is insufficient. Here, the assessee had produced documents, bank records, contract notes, demat statements and broker confirmations before the AO, who examined the material and adopted a permissible view on the share transactions. The Principal Commissioner failed to show any lack of inquiry or record adequate reasons to justify revision, so the section 263 order was not sustainable and the Tribunal's order quashing it was upheld. Case-Laws Income Tax Mon, 22 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794325