https://www.taxtmi.com/highlights?id=102744 Revision under section 263 cannot rest merely on a view that the Assessing Officer should have conducted a deeper inquiry into share capital received from an existing non-resident shareholder. Where the assessment record shows detailed queries and supporting material on the investor's identity, creditworthiness, remittance and transaction, an assessment order need not expressly record every inquiry to establish application of mind. Revisionary jurisdiction does not permit re-examination where the Assessing Officer adopted a permissible view after inquiry. The revisionary authority must undertake at least minimal independent inquiry and clearly establish that the assessment is both erroneous and prejudicial to Revenue; it cannot remand genuineness for fresh determination. en-us Mon, 17 Aug 2026 12:25:29 +0530 Mon, 17 Aug 2026 12:25:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=102744 Revision under section 263 cannot rest merely on a view that the Assessing Officer should have conducted a deeper inquiry into share capital received from an existing non-resident shareholder. Where the assessment record shows detailed queries and supporting material on the investor's identity, creditworthiness, remittance and transaction, an assessment order need not expressly record every inquiry to establish application of mind. Revisionary jurisdiction does not permit re-examination where the Assessing Officer adopted a permissible view after inquiry. The revisionary authority must undertake at least minimal independent inquiry and clearly establish that the assessment is both erroneous and prejudicial to Revenue; it cannot remand genuineness for fresh determination. Highlights Income Tax Mon, 17 Aug 2026 12:25:29 +0530 https://www.taxtmi.com/highlights?id=102744