https://www.taxtmi.com/caselaws?id=470105 Revision under section 263 requires the assessment order to be both erroneous and prejudicial to the interests of Revenue. The notes state that the Assessing Officer made specific inquiries and obtained supporting material on security deposits, finance-lease obligations, trade payables, borrowings and interest expenditure, and adopted a plausible view after considering the responses. Explanation 2 does not permit revision merely because the Principal Commissioner considers those inquiries inadequate or prefers another conclusion. As no specific assessment error or failure to make essential inquiries was established, the revisionary action was described as invalid and the revision order as quashed. en-us Thu, 29 Jan 2026 00:00:00 +0530 Wed, 15 Jul 2026 18:59:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470105 Revision under section 263 requires the assessment order to be both erroneous and prejudicial to the interests of Revenue. The notes state that the Assessing Officer made specific inquiries and obtained supporting material on security deposits, finance-lease obligations, trade payables, borrowings and interest expenditure, and adopted a plausible view after considering the responses. Explanation 2 does not permit revision merely because the Principal Commissioner considers those inquiries inadequate or prefers another conclusion. As no specific assessment error or failure to make essential inquiries was established, the revisionary action was described as invalid and the revision order as quashed. Case-Laws Income Tax Thu, 29 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470105