https://www.taxtmi.com/caselaws?id=472120 Revisionary jurisdiction over an assessment requires the order to be both erroneous and prejudicial to Revenue interests. Lender-wise particulars, confirmations, bank statements, tax returns, balance sheets and explanations obtained during assessment established that inquiries into unsecured loans had been made. An assessment order need not reproduce every item of material considered; absence of detailed discussion does not prove lack of inquiry. A completed inquiry cannot be revised merely because a deeper inquiry or different view is preferred, since inadequate inquiry differs from no inquiry. Subsequent repayment of most loans further supported transaction genuineness. The revision order was quashed. en-us Wed, 31 Dec 2025 00:00:00 +0530 Wed, 30 Sep 2026 08:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472120 Revisionary jurisdiction over an assessment requires the order to be both erroneous and prejudicial to Revenue interests. Lender-wise particulars, confirmations, bank statements, tax returns, balance sheets and explanations obtained during assessment established that inquiries into unsecured loans had been made. An assessment order need not reproduce every item of material considered; absence of detailed discussion does not prove lack of inquiry. A completed inquiry cannot be revised merely because a deeper inquiry or different view is preferred, since inadequate inquiry differs from no inquiry. Subsequent repayment of most loans further supported transaction genuineness. The revision order was quashed. Case-Laws Income Tax Wed, 31 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472120