https://www.taxtmi.com/caselaws?id=471128 Revisionary jurisdiction under Section 263 requires both an erroneous assessment order and prejudice to Revenue interests. Where the assessment order expressly records that additional income disclosed during survey, including excess-stock income, was included in the return, a direction for further verification requires a demonstrated basis that the disclosure was omitted. In the absence of that basis, the twin statutory conditions are not met and revision cannot be sustained; the revision order was set aside in favour of the assessee. en-us Wed, 02 Apr 2025 00:00:00 +0530 Fri, 21 Aug 2026 20:33:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471128 Revisionary jurisdiction under Section 263 requires both an erroneous assessment order and prejudice to Revenue interests. Where the assessment order expressly records that additional income disclosed during survey, including excess-stock income, was included in the return, a direction for further verification requires a demonstrated basis that the disclosure was omitted. In the absence of that basis, the twin statutory conditions are not met and revision cannot be sustained; the revision order was set aside in favour of the assessee. Case-Laws Income Tax Wed, 02 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471128