https://www.taxtmi.com/caselaws?id=797889 Revision under section 263 requires both an erroneous assessment order and prejudice to Revenue. Where scrutiny records show that the taxpayer supplied relevant financial, deduction, banking and transaction details, the absence of detailed reasoning in the assessment order does not by itself establish inadequate enquiry. A revisionary authority cannot disregard an earlier coordinate-bench ruling in the taxpayer's own matter that treated loss on sale of non-performing assets as business loss, substitute a capital-loss view, or order fresh enquiry without a demonstrable prejudicial error. Revisionary jurisdiction was therefore invalid, and the loss remained allowable as business loss. en-us Mon, 10 Aug 2026 00:00:00 +0530 Sat, 29 Aug 2026 14:35:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797889 Revision under section 263 requires both an erroneous assessment order and prejudice to Revenue. Where scrutiny records show that the taxpayer supplied relevant financial, deduction, banking and transaction details, the absence of detailed reasoning in the assessment order does not by itself establish inadequate enquiry. A revisionary authority cannot disregard an earlier coordinate-bench ruling in the taxpayer's own matter that treated loss on sale of non-performing assets as business loss, substitute a capital-loss view, or order fresh enquiry without a demonstrable prejudicial error. Revisionary jurisdiction was therefore invalid, and the loss remained allowable as business loss. Case-Laws Income Tax Mon, 10 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797889