https://www.taxtmi.com/caselaws?id=797463 Revisionary jurisdiction under Section 263 requires an assessment order to be both erroneous and prejudicial to Revenue interests. Where the Assessing Officer has examined unsecured loans, obtained supporting material and adopted a plausible view, revision cannot rest merely on a preference for further inquiry or a different view; inadequate inquiry alone is insufficient. For alleged suppression of business receipts, the revisional authority must conduct necessary independent inquiry and identify defects in the assessee's reconciliation before directing fresh examination. Without a definite finding of error and prejudice, revision becomes an impermissible fishing or roving inquiry. The stated revision grounds were therefore invalid. en-us Thu, 06 Aug 2026 00:00:00 +0530 Sat, 22 Aug 2026 10:33:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797463 Revisionary jurisdiction under Section 263 requires an assessment order to be both erroneous and prejudicial to Revenue interests. Where the Assessing Officer has examined unsecured loans, obtained supporting material and adopted a plausible view, revision cannot rest merely on a preference for further inquiry or a different view; inadequate inquiry alone is insufficient. For alleged suppression of business receipts, the revisional authority must conduct necessary independent inquiry and identify defects in the assessee's reconciliation before directing fresh examination. Without a definite finding of error and prejudice, revision becomes an impermissible fishing or roving inquiry. The stated revision grounds were therefore invalid. Case-Laws Income Tax Thu, 06 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797463