https://www.taxtmi.com/caselaws?id=470103 Revision under section 263 requires both an erroneous assessment order and prejudice to Revenue interests. Where reassessment was initiated to examine an alleged advance receipt, notices were issued, detailed replies and supporting material were considered, and the assessment order recorded the inquiry and explanation, further revision cannot rest merely on dissatisfaction with that inquiry. In the absence of any identified unexamined issue, defect in the material, or apparent error causing prejudice, the statutory conditions for revision were not met. The revision order was set aside and the reassessment order was restored. en-us Tue, 09 Sep 2025 00:00:00 +0530 Wed, 15 Jul 2026 18:59:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470103 Revision under section 263 requires both an erroneous assessment order and prejudice to Revenue interests. Where reassessment was initiated to examine an alleged advance receipt, notices were issued, detailed replies and supporting material were considered, and the assessment order recorded the inquiry and explanation, further revision cannot rest merely on dissatisfaction with that inquiry. In the absence of any identified unexamined issue, defect in the material, or apparent error causing prejudice, the statutory conditions for revision were not met. The revision order was set aside and the reassessment order was restored. Case-Laws Income Tax Tue, 09 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470103