https://www.taxtmi.com/caselaws?id=471488 Revisionary jurisdiction under Section 263 applies where an assessment order is both erroneous and prejudicial to Revenue interests. An order is deemed so where necessary inquiries or verification were not undertaken. Acceptance of a registered valuer's construction-cost report without independently examining the underlying rates, particularly where a departmental valuation based on CPWD rates materially differs, constitutes a complete absence of inquiry. Production of valuation reports, books and supporting papers does not replace the Assessing Officer's duty to verify material valuation issues. The revision was therefore validly invoked against the assessee. en-us Wed, 31 Jul 2024 00:00:00 +0530 Sat, 05 Sep 2026 11:38:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471488 Revisionary jurisdiction under Section 263 applies where an assessment order is both erroneous and prejudicial to Revenue interests. An order is deemed so where necessary inquiries or verification were not undertaken. Acceptance of a registered valuer's construction-cost report without independently examining the underlying rates, particularly where a departmental valuation based on CPWD rates materially differs, constitutes a complete absence of inquiry. Production of valuation reports, books and supporting papers does not replace the Assessing Officer's duty to verify material valuation issues. The revision was therefore validly invoked against the assessee. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471488