https://www.taxtmi.com/caselaws?id=797168 Revision under Section 263 requires the assessment order to be both erroneous and prejudicial to Revenue interests. Explanation 2(a) covers assessments made without necessary inquiry or verification, but does not remove the requirement to establish both conditions. Where the Assessing Officer sought and received details on unsecured loans and trade payables, examined the explanations, and adopted a plausible view, revision cannot rest solely on audit objections or a preference for further verification. Absent material showing Revenue prejudice, revision is invalid. en-us Tue, 04 Aug 2026 00:00:00 +0530 Tue, 18 Aug 2026 08:35:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797168 Revision under Section 263 requires the assessment order to be both erroneous and prejudicial to Revenue interests. Explanation 2(a) covers assessments made without necessary inquiry or verification, but does not remove the requirement to establish both conditions. Where the Assessing Officer sought and received details on unsecured loans and trade payables, examined the explanations, and adopted a plausible view, revision cannot rest solely on audit objections or a preference for further verification. Absent material showing Revenue prejudice, revision is invalid. Case-Laws Income Tax Tue, 04 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797168