https://www.taxtmi.com/caselaws?id=470876 Revision under section 263 cannot rest on a different view where the Assessing Officer conducted enquiries, issued statutory notices, obtained replies and examined relevant material; inadequate enquiry differs from complete absence of enquiry. For the relevant assessment years, the Finance Act 2022 Explanation to section 14A applied prospectively, and section 14A read with Rule 8D did not permit disallowance where no exempt income was earned. Consequently, assessment orders allowing no such disallowance were neither erroneous nor prejudicial to Revenue interests, rendering the revisionary orders invalid and liable to be quashed. en-us Thu, 27 Mar 2025 00:00:00 +0530 Tue, 11 Aug 2026 20:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470876 Revision under section 263 cannot rest on a different view where the Assessing Officer conducted enquiries, issued statutory notices, obtained replies and examined relevant material; inadequate enquiry differs from complete absence of enquiry. For the relevant assessment years, the Finance Act 2022 Explanation to section 14A applied prospectively, and section 14A read with Rule 8D did not permit disallowance where no exempt income was earned. Consequently, assessment orders allowing no such disallowance were neither erroneous nor prejudicial to Revenue interests, rendering the revisionary orders invalid and liable to be quashed. Case-Laws Income Tax Thu, 27 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470876