https://www.taxtmi.com/caselaws?id=183330 Revisional jurisdiction under section 263 is not sustainable merely because the Commissioner further inquiry was desirable where the Assessing Officer had sought an explanation, received a detailed reply, and completed the assessment after considering the material. The distinction between lack of inquiry and inadequate inquiry remains material. An agreement for sale does not trigger transfer under section 2(47)(v) unless possession is delivered in part performance within section 53A of the Transfer of Property Act, 1882; permissive entry or deferred possession under the written terms is insufficient. On these principles, the revisionary orders were quashed and capital gains could not be brought to tax in the relevant year. en-us Thu, 14 Aug 2014 00:00:00 +0530 Mon, 06 Jun 2016 11:18:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183330 Revisional jurisdiction under section 263 is not sustainable merely because the Commissioner further inquiry was desirable where the Assessing Officer had sought an explanation, received a detailed reply, and completed the assessment after considering the material. The distinction between lack of inquiry and inadequate inquiry remains material. An agreement for sale does not trigger transfer under section 2(47)(v) unless possession is delivered in part performance within section 53A of the Transfer of Property Act, 1882; permissive entry or deferred possession under the written terms is insufficient. On these principles, the revisionary orders were quashed and capital gains could not be brought to tax in the relevant year. Case-Laws Income Tax Thu, 14 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183330