https://www.taxtmi.com/highlights?id=101417 Revisional power over an assessment requires the order to be both erroneous and prejudicial to the Revenue; it cannot be used to replace a legally plausible view already taken after inquiry. Here, the Assessing Officer examined alleged bogus purchases and made an addition of 12.5%, so the dispute was only over the quantum and manner of addition, not a lack of inquiry. As no illegality was shown in the assessment view, revision under Section 263 was not available, and the Tribunal's setting aside of the revisional order was upheld. en-us Mon, 06 Jul 2026 08:26:30 +0530 Mon, 06 Jul 2026 08:26:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=101417 Revisional power over an assessment requires the order to be both erroneous and prejudicial to the Revenue; it cannot be used to replace a legally plausible view already taken after inquiry. Here, the Assessing Officer examined alleged bogus purchases and made an addition of 12.5%, so the dispute was only over the quantum and manner of addition, not a lack of inquiry. As no illegality was shown in the assessment view, revision under Section 263 was not available, and the Tribunal's setting aside of the revisional order was upheld. Highlights Income Tax Mon, 06 Jul 2026 08:26:30 +0530 https://www.taxtmi.com/highlights?id=101417