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Issues: Whether revision under section 263 of the Income-tax Act, 1961 was justified where the Assessing Officer had accepted the assessee's claim that profit on sale of land was exempt as arising from agricultural land.
Analysis: The assessee had produced revenue records, khasra girdawari, jamabandi, tehsildar's certificate and other material showing cultivation and the rural location of the land. The assessment record also showed that the Assessing Officer had examined the exempt income claim in scrutiny proceedings and again considered the matter in rectification proceedings, ultimately accepting the claim after verification. The revisionary authority's objections based on a reading of the sale deed, the buyer's nature, and a prior year's agricultural income treatment were found insufficient to dislodge the evidence already on record. The land's classification in revenue records and the material showing agricultural use supported the conclusion that the Assessing Officer had taken a permissible view.
Conclusion: The order under section 263 was not sustainable because the assessment order was neither erroneous nor prejudicial to the interests of the Revenue; the revision was therefore invalid.
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