https://www.taxtmi.com/caselaws?id=471238 Revisionary jurisdiction under Section 263 requires effective consideration of material already forming part of the assessment record and a reasonable opportunity of hearing. Valuation reports, financial statements, share-allotment records and bank statements furnished during assessment must be considered before revising the assessment. A short interval between issuance of the revision notice and an ex parte order does not provide an effective hearing. The revision order was set aside and remitted for fresh adjudication after consideration of the record and grant of reasonable opportunity. en-us Mon, 23 May 2022 00:00:00 +0530 Wed, 26 Aug 2026 11:47:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471238 Revisionary jurisdiction under Section 263 requires effective consideration of material already forming part of the assessment record and a reasonable opportunity of hearing. Valuation reports, financial statements, share-allotment records and bank statements furnished during assessment must be considered before revising the assessment. A short interval between issuance of the revision notice and an ex parte order does not provide an effective hearing. The revision order was set aside and remitted for fresh adjudication after consideration of the record and grant of reasonable opportunity. Case-Laws Income Tax Mon, 23 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471238