https://www.taxtmi.com/caselaws?id=469996 Section 263 revision is not sustainable where the assessment record shows specific enquiry, disclosure, and a plausible view on a debatable issue, including slump sale capital gains under section 50B. A revisional authority cannot direct roving or fishing enquiries on expenditure, gratuity, inventory valuation, revenue recognition, or alleged plot sales when the Assessing Officer has already examined the facts. Section 14A cannot be invoked in the absence of exempt income. Interest disallowance under section 36(1)(iii) also cannot be reopened on a mistaken premise that the issue remained pending when it had already been decided favourably to the assessee. The governing principle is that revision requires a clear error causing prejudice to revenue. en-us Wed, 12 Mar 2025 00:00:00 +0530 Sat, 11 Jul 2026 15:03:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469996 Section 263 revision is not sustainable where the assessment record shows specific enquiry, disclosure, and a plausible view on a debatable issue, including slump sale capital gains under section 50B. A revisional authority cannot direct roving or fishing enquiries on expenditure, gratuity, inventory valuation, revenue recognition, or alleged plot sales when the Assessing Officer has already examined the facts. Section 14A cannot be invoked in the absence of exempt income. Interest disallowance under section 36(1)(iii) also cannot be reopened on a mistaken premise that the issue remained pending when it had already been decided favourably to the assessee. The governing principle is that revision requires a clear error causing prejudice to revenue. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469996