https://www.taxtmi.com/caselaws?id=802659 Revision under section 263 requires an assessment order to be both erroneous and prejudicial to the interests of revenue. A brief assessment order or the possibility of further inquiry does not by itself establish a lack of inquiry where the assessing officer examined the relevant transactions and evidence and adopted a legally possible view. Specific queries, replies, confirmations and bank statements may demonstrate examination of purchases, loans, expenses and interest-free advances. In those circumstances, revision is not justified where the revisionary authority identifies neither an incorrect conclusion nor the further inquiry required. en-us Tue, 07 Apr 2026 00:00:00 +0530 Fri, 13 Nov 2026 08:45:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=802659 Revision under section 263 requires an assessment order to be both erroneous and prejudicial to the interests of revenue. A brief assessment order or the possibility of further inquiry does not by itself establish a lack of inquiry where the assessing officer examined the relevant transactions and evidence and adopted a legally possible view. Specific queries, replies, confirmations and bank statements may demonstrate examination of purchases, loans, expenses and interest-free advances. In those circumstances, revision is not justified where the revisionary authority identifies neither an incorrect conclusion nor the further inquiry required. Case-Laws Income Tax Tue, 07 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=802659