https://www.taxtmi.com/caselaws?id=259662 ITAT Hyderabad held that revision under section 263 was valid because the Assessing Officer had made no enquiry and formed no view on the taxability of capital gains arising from a development agreement and handing over of possession. An assessment passed without examination of a material issue is erroneous and prejudicial to revenue, and the doctrine of a possible view does not apply where no view was actually taken. However, the revisional authority could not itself direct computation of capital gains, because transfer, possession, cancellation of the arrangement, and related factual questions required independent inquiry. The matter was therefore restored to the Assessing Officer for fresh examination. en-us Fri, 10 Apr 2015 00:00:00 +0530 Mon, 18 May 2015 07:30:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259662 ITAT Hyderabad held that revision under section 263 was valid because the Assessing Officer had made no enquiry and formed no view on the taxability of capital gains arising from a development agreement and handing over of possession. An assessment passed without examination of a material issue is erroneous and prejudicial to revenue, and the doctrine of a possible view does not apply where no view was actually taken. However, the revisional authority could not itself direct computation of capital gains, because transfer, possession, cancellation of the arrangement, and related factual questions required independent inquiry. The matter was therefore restored to the Assessing Officer for fresh examination. Case-Laws Income Tax Fri, 10 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259662