https://www.taxtmi.com/caselaws?id=59912 An assessment completed summarily under section 143(1) can be revised under section 263 where the record does not show proper enquiry into a material deduction claim. On the facts discussed, the interest deduction on borrowed funds was not supported by necessary agreements or other evidence before the Assessing Officer, so the assessment was treated as erroneous and prejudicial to the revenue. The objection that the show-cause notice was too narrow was rejected because it addressed the core issue of inadequate examination of the interest claim. The revisionary order and setting aside of the assessment for fresh consideration were upheld. en-us Fri, 06 Dec 1985 00:00:00 +0530 Sat, 01 Jan 2011 17:45:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59912 An assessment completed summarily under section 143(1) can be revised under section 263 where the record does not show proper enquiry into a material deduction claim. On the facts discussed, the interest deduction on borrowed funds was not supported by necessary agreements or other evidence before the Assessing Officer, so the assessment was treated as erroneous and prejudicial to the revenue. The objection that the show-cause notice was too narrow was rejected because it addressed the core issue of inadequate examination of the interest claim. The revisionary order and setting aside of the assessment for fresh consideration were upheld. Case-Laws Income Tax Fri, 06 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59912