https://www.taxtmi.com/caselaws?id=212004 HC held that revisional jurisdiction under s. 263 may be exercised where an assessment is erroneous and prejudicial to Revenue, including cases based on wrong assumptions of fact, incorrect application of law, non-application of mind, or failure to follow principles of natural justice. Tribunal had set aside CIT's suo motu assumption of jurisdiction concerning exemption under s. 54F for LTCG on sale of shares; the matter was remitted to a Division Bench for determination on merits. en-us Tue, 07 Feb 2012 00:00:00 +0530 Wed, 08 Jul 2026 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212004 HC held that revisional jurisdiction under s. 263 may be exercised where an assessment is erroneous and prejudicial to Revenue, including cases based on wrong assumptions of fact, incorrect application of law, non-application of mind, or failure to follow principles of natural justice. Tribunal had set aside CIT's suo motu assumption of jurisdiction concerning exemption under s. 54F for LTCG on sale of shares; the matter was remitted to a Division Bench for determination on merits. Case-Laws Income Tax Tue, 07 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212004