https://www.taxtmi.com/caselaws?id=472339 Revisionary jurisdiction under section 263 applies where an assessment order is both erroneous and prejudicial to Revenue because vital matters received no adequate enquiry. Examination must address the basis and parameters of discounted cash flow share valuation, sources of share-application money and unsecured loans, abnormal turnover, and potential cash loans. Mere notices seeking particulars do not establish sufficient enquiry where the record contains no relevant replies or verification. A perfunctory, non-speaking assessment on such material issues is consequently subject to valid revision. en-us Mon, 31 Jul 2023 00:00:00 +0530 Thu, 08 Oct 2026 11:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472339 Revisionary jurisdiction under section 263 applies where an assessment order is both erroneous and prejudicial to Revenue because vital matters received no adequate enquiry. Examination must address the basis and parameters of discounted cash flow share valuation, sources of share-application money and unsecured loans, abnormal turnover, and potential cash loans. Mere notices seeking particulars do not establish sufficient enquiry where the record contains no relevant replies or verification. A perfunctory, non-speaking assessment on such material issues is consequently subject to valid revision. Case-Laws Income Tax Mon, 31 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472339