https://www.taxtmi.com/caselaws?id=57991 Revision under section 263 was considered valid where the original assessment had not examined the claim for investment allowance. The assessee's activity of processing metal or tin sheets was treated as not amounting to manufacture or production, because the end-product remained substantially the same as the raw material and the audit report itself described the concern as a processing company. Authorities relied on by the assessee were distinguished on their facts, while the Revenue's authorities supported the principle that failure to make necessary inquiries can render an assessment order erroneous and prejudicial to the Revenue. The Commissioner's revisionary order was therefore upheld. en-us Thu, 26 Apr 1990 00:00:00 +0530 Wed, 15 Dec 2010 17:17:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57991 Revision under section 263 was considered valid where the original assessment had not examined the claim for investment allowance. The assessee's activity of processing metal or tin sheets was treated as not amounting to manufacture or production, because the end-product remained substantially the same as the raw material and the audit report itself described the concern as a processing company. Authorities relied on by the assessee were distinguished on their facts, while the Revenue's authorities supported the principle that failure to make necessary inquiries can render an assessment order erroneous and prejudicial to the Revenue. The Commissioner's revisionary order was therefore upheld. Case-Laws Income Tax Thu, 26 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57991