During the assessment proceedings, the AO raised specific queries regarding unsecured loans and, after obtaining the relevant information and conducting necessary enquiries, was satisfied with the details furnished by the assessee, including the identity and genuineness of the creditors, and completed the assessment under section 143(3). The CIT subsequently initiated revision proceedings under section 263. The Court noted that the CIT had made only general observations alleging a lack of enquiry by the AO, without specifying what further information ought to have been called for, nor did the CIT record any finding on the material already placed on record before holding that the assessment order was erroneous and prejudicial to the interests of the Revenue. Accordingly, it held that the Tribunal was justified in setting aside the revision order passed by the Commissioner, and no substantial question of law arose for consideration. The Supreme Court declined to interfere with the judgment of the High Court, and the Special Leave Petition was dismissed. (AY.2014-15)