https://www.taxtmi.com/caselaws?id=473211 Section 263 of the Income-tax Act, 1961 permits revision only where an assessment is both erroneous and prejudicial to Revenue. Failure to make necessary inquiries or verification may justify revision, but an alleged failure to inquire cannot support it where the assessing officer examined the relevant matter on the correct facts. An incorrect return entry indicating unutilised accumulated income does not establish a failure to verify where the audit report and assessment records show full utilisation in preceding years and the officer examined the relevant details. en-us Tue, 29 Apr 2025 00:00:00 +0530 Mon, 09 Nov 2026 15:40:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=473211 Section 263 of the Income-tax Act, 1961 permits revision only where an assessment is both erroneous and prejudicial to Revenue. Failure to make necessary inquiries or verification may justify revision, but an alleged failure to inquire cannot support it where the assessing officer examined the relevant matter on the correct facts. An incorrect return entry indicating unutilised accumulated income does not establish a failure to verify where the audit report and assessment records show full utilisation in preceding years and the officer examined the relevant details. Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=473211