https://www.taxtmi.com/caselaws?id=794724 Revision under section 263 was not justified where the Assessing Officer had conducted enquiries into the impugned purchase and sale transactions, examined invoices, bank records, transport details and GST particulars, rejected the books under section 145(3), and adopted a profit-estimation approach. The record showed a reasoned assessment based on a possible view of the matter in a case involving alleged non-genuine purchases and sales. Because enquiry had in fact been made, the matter was not one of complete lack of enquiry, and the revisionary authority could not substitute its own view by making substantive additions and penal consequences. en-us Tue, 07 Jul 2026 00:00:00 +0530 Fri, 10 Jul 2026 07:39:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794724 Revision under section 263 was not justified where the Assessing Officer had conducted enquiries into the impugned purchase and sale transactions, examined invoices, bank records, transport details and GST particulars, rejected the books under section 145(3), and adopted a profit-estimation approach. The record showed a reasoned assessment based on a possible view of the matter in a case involving alleged non-genuine purchases and sales. Because enquiry had in fact been made, the matter was not one of complete lack of enquiry, and the revisionary authority could not substitute its own view by making substantive additions and penal consequences. Case-Laws Income Tax Tue, 07 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794724