https://www.taxtmi.com/caselaws?id=470214 Revision of assessment under section 263 was considered valid where the Assessing Officer accepted an explanation for substantial bank deposits and estimated income at 0.75% without supporting evidence or adequate verification. The assessee had not produced bank statements, customer details, or documents substantiating that deposits belonged to customers, and the claimed commission arrangement was not verified. Treating the deposits as turnover for audit-default penalty proceedings while adopting an unsupported income estimate reflected inconsistent findings. An assessment based on incorrect facts, inadequate enquiry, or non-application of mind is erroneous and, where it may cause revenue loss, prejudicial to the interests of the Revenue. en-us Mon, 17 Mar 2025 00:00:00 +0530 Mon, 20 Jul 2026 20:32:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470214 Revision of assessment under section 263 was considered valid where the Assessing Officer accepted an explanation for substantial bank deposits and estimated income at 0.75% without supporting evidence or adequate verification. The assessee had not produced bank statements, customer details, or documents substantiating that deposits belonged to customers, and the claimed commission arrangement was not verified. Treating the deposits as turnover for audit-default penalty proceedings while adopting an unsupported income estimate reflected inconsistent findings. An assessment based on incorrect facts, inadequate enquiry, or non-application of mind is erroneous and, where it may cause revenue loss, prejudicial to the interests of the Revenue. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470214