https://www.taxtmi.com/caselaws?id=472479 Revisionary jurisdiction under Section 263 requires an assessment order to be both erroneous and prejudicial to Revenue interests. Where the Assessing Officer has raised queries on alleged bogus purchases, considered the replies, and made an estimated addition on a legally plausible basis, revision cannot rest merely on perceived inadequacy of inquiry or disagreement with the percentage of addition. Requiring addition of the entire purchase amount in those circumstances substitutes the Principal Commissioner's view for the Assessing Officer's permissible view, leaving the assessment outside revisionary jurisdiction. en-us Mon, 14 Oct 2024 00:00:00 +0530 Wed, 14 Oct 2026 06:16:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472479 Revisionary jurisdiction under Section 263 requires an assessment order to be both erroneous and prejudicial to Revenue interests. Where the Assessing Officer has raised queries on alleged bogus purchases, considered the replies, and made an estimated addition on a legally plausible basis, revision cannot rest merely on perceived inadequacy of inquiry or disagreement with the percentage of addition. Requiring addition of the entire purchase amount in those circumstances substitutes the Principal Commissioner's view for the Assessing Officer's permissible view, leaving the assessment outside revisionary jurisdiction. Case-Laws Income Tax Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472479