https://www.taxtmi.com/caselaws?id=797086 Revisional jurisdiction under section 263 requires an assessment order to be both erroneous and prejudicial to the interests of the Revenue. Where the Assessing Officer examined purchase and sale transactions during reassessment, obtained relevant details, and made a disallowance on the available material, revision cannot rest solely on a preference for further enquiry or a different view of the same evidence. Inconsistent directions to treat amounts as sales while considering corresponding transactions as bogus purchases do not identify a specific prejudicial error. Matters already pending in appeal are subject to the limitation in Explanation 1(c) to section 263. en-us Thu, 13 Aug 2026 00:00:00 +0530 Mon, 17 Aug 2026 08:38:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797086 Revisional jurisdiction under section 263 requires an assessment order to be both erroneous and prejudicial to the interests of the Revenue. Where the Assessing Officer examined purchase and sale transactions during reassessment, obtained relevant details, and made a disallowance on the available material, revision cannot rest solely on a preference for further enquiry or a different view of the same evidence. Inconsistent directions to treat amounts as sales while considering corresponding transactions as bogus purchases do not identify a specific prejudicial error. Matters already pending in appeal are subject to the limitation in Explanation 1(c) to section 263. Case-Laws Income Tax Thu, 13 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797086