https://www.taxtmi.com/caselaws?id=260793 Revision under section 263 was upheld where the Assessing Officer had not examined the taxability of lease rental income arising between sister concerns or determined the correct hands in which it was assessable. The assessment was treated as erroneous and prejudicial to the interests of revenue because the arrangement and the effect of section 60 of the Income-tax Act and section 53A of the Transfer of Property Act had not been properly verified. However, the revisional authority could not conclusively direct that the income was taxable in one entity and reduced from the other on an issue that remained insufficiently examined and debatable; that specific direction was deleted. en-us Tue, 16 Jun 2015 00:00:00 +0530 Wed, 24 Jun 2015 09:56:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260793 Revision under section 263 was upheld where the Assessing Officer had not examined the taxability of lease rental income arising between sister concerns or determined the correct hands in which it was assessable. The assessment was treated as erroneous and prejudicial to the interests of revenue because the arrangement and the effect of section 60 of the Income-tax Act and section 53A of the Transfer of Property Act had not been properly verified. However, the revisional authority could not conclusively direct that the income was taxable in one entity and reduced from the other on an issue that remained insufficiently examined and debatable; that specific direction was deleted. Case-Laws Income Tax Tue, 16 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260793