https://www.taxtmi.com/caselaws?id=472307 Revision under Section 263(1) requires both an erroneous assessment order and prejudice to Revenue; a different possible view does not justify revisional jurisdiction. Where the Assessing Officer examines allegedly bogus steel-scrap transactions, verifies the relevant material, and disallows the related loss, the assessment reflects an informed and legally plausible view rather than lack of inquiry. Revision is therefore unavailable on those facts, and no substantial question of law arises. en-us Wed, 01 Oct 2025 00:00:00 +0530 Wed, 07 Oct 2026 13:42:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472307 Revision under Section 263(1) requires both an erroneous assessment order and prejudice to Revenue; a different possible view does not justify revisional jurisdiction. Where the Assessing Officer examines allegedly bogus steel-scrap transactions, verifies the relevant material, and disallows the related loss, the assessment reflects an informed and legally plausible view rather than lack of inquiry. Revision is therefore unavailable on those facts, and no substantial question of law arises. Case-Laws Income Tax Wed, 01 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472307