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of <h1>SC upholds AO's decision, rules no error under Section 263 in revising assessment of land sale for Tech Park</h1> <h3>THE COMMISSIONER OF INCOME TAX Versus M/s EMBASSY BRINDAVAN DEVELOPERS</h3> The SC dismissed the Special Leave Petition, affirming the HC's decision that the CIT erred in invoking revision under section 263. The assessee purchased ... Revision u/s 263 by CIT - assessee had purchased the property in question with an intention to build Tech Park, but due to recession, the building was not constructed and as the firm had no funds, assessee sold the land - As decided in HC [2022 (10) TMI 1120 - KARNATAKA HIGH COURT] merely because two plausible views are available and the AO has taken one view, the jurisdiction u/s 263 cannot be exercised. Invoking Section 263 in the facts and circumstances of the case was erroneous. Land was purchased and sold without any development, no elaborate enquiry was required and the AO has noted the facts required for the case and passed the AO. HELD THAT:- We find no reason to interfere with the view taken by the High Court. The Special Leave Petition is accordingly dismissed. The Supreme Court dismissed the Special Leave Petition as they found no reason to interfere with the view taken by the High Court. Pending applications shall stand disposed of.
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