https://www.taxtmi.com/caselaws?id=471225 Revisionary jurisdiction under Section 263 cannot be used to direct reassessment of share premium valuation under Section 56(2)(viib) where limited scrutiny was confined to verifying the genuineness and disclosed source of share application money. Verification of identity, genuineness and source is distinct from determining whether share premium exceeds fair market value. An Assessing Officer cannot expand a limited-scrutiny enquiry beyond its specified reasons unless it is converted into complete scrutiny. Without such conversion, the assessment was not erroneous or prejudicial to Revenue on the share-premium valuation issue, and the revisionary order was quashed. en-us Thu, 03 Apr 2025 00:00:00 +0530 Tue, 25 Aug 2026 18:57:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471225 Revisionary jurisdiction under Section 263 cannot be used to direct reassessment of share premium valuation under Section 56(2)(viib) where limited scrutiny was confined to verifying the genuineness and disclosed source of share application money. Verification of identity, genuineness and source is distinct from determining whether share premium exceeds fair market value. An Assessing Officer cannot expand a limited-scrutiny enquiry beyond its specified reasons unless it is converted into complete scrutiny. Without such conversion, the assessment was not erroneous or prejudicial to Revenue on the share-premium valuation issue, and the revisionary order was quashed. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471225