https://www.taxtmi.com/caselaws?id=471768 Revision of assessment under Section 263 requires an order to be both erroneous and prejudicial to the interests of the Revenue. Third-party search information, without incriminating or corroborative material linking an assessee to alleged cash payments, does not establish either requirement where the Assessing Officer has examined purchase records, allotment details and bank statements and accepted the explanation. Explanation 2(a) does not permit revision merely because different inquiries are preferred; it applies where necessary inquiries or verification were absent. Revision cannot authorise a fishing or roving inquiry or replace a plausible assessment view. The conditions for revision were therefore not established, rendering the revision invalid. en-us Wed, 04 Dec 2024 00:00:00 +0530 Thu, 17 Sep 2026 13:50:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471768 Revision of assessment under Section 263 requires an order to be both erroneous and prejudicial to the interests of the Revenue. Third-party search information, without incriminating or corroborative material linking an assessee to alleged cash payments, does not establish either requirement where the Assessing Officer has examined purchase records, allotment details and bank statements and accepted the explanation. Explanation 2(a) does not permit revision merely because different inquiries are preferred; it applies where necessary inquiries or verification were absent. Revision cannot authorise a fishing or roving inquiry or replace a plausible assessment view. The conditions for revision were therefore not established, rendering the revision invalid. Case-Laws Income Tax Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471768