S.263 – Revision order u/s 263 of the Act passed on the basis of incorrect assumption of facts is liable to be set-aside. Here, proceedings u/s 263 of the Act were initiated on incorrect presumption of fact that the assessee had received an accommodation entry in the form of loan during the year in question whereas there was nothing on record to demonstrate that the assessee had received any such accommodation entry in the form of loan during the year in question. Further, the said issue was threadbare examined by AO while framing the assessment, there was neither any lack of inquiry on the part of AO insofar the issue on hand was concerned, nor any incorrect view was taken by AO so as to make the assessment order erroneous insofar as the same is prejudicial to the interest of the revenue.