https://www.taxtmi.com/caselaws?id=798098 Revisionary jurisdiction under Section 263 cannot be invoked merely because the Assessing Officer accepted an explanation for demonetisation-period cash deposits after inquiry. Where the officer considered the explanation, obtained and recorded supporting affidavit evidence, and adopted a plausible view, revision requires material showing that the assessment is both erroneous and prejudicial to Revenue interests. Revision also cannot rest on an incorrect factual premise that penalty proceedings were not initiated when they had been initiated and later dropped following cancellation of the assessment. Neither ground satisfied the statutory conditions for disturbing the assessment. en-us Mon, 31 Aug 2026 00:00:00 +0530 Wed, 02 Sep 2026 08:30:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798098 Revisionary jurisdiction under Section 263 cannot be invoked merely because the Assessing Officer accepted an explanation for demonetisation-period cash deposits after inquiry. Where the officer considered the explanation, obtained and recorded supporting affidavit evidence, and adopted a plausible view, revision requires material showing that the assessment is both erroneous and prejudicial to Revenue interests. Revision also cannot rest on an incorrect factual premise that penalty proceedings were not initiated when they had been initiated and later dropped following cancellation of the assessment. Neither ground satisfied the statutory conditions for disturbing the assessment. Case-Laws Income Tax Mon, 31 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798098