https://www.taxtmi.com/caselaws?id=190564 An assessment based on an incorrect appreciation of facts and an unsustainable legal view was held revisable under section 263 because it was erroneous and prejudicial to the Revenue. The receipt from settlement of a claim arising out of an aborted property transaction was treated as referable to the assessee's relinquishment of a capital right to seek specific performance, not as a mere right to sue. The earlier Bombay High Court authorities were distinguished, and the receipt was brought within the capital gains framework. The Assessing Officer's contrary view was rejected, and the revision was upheld. en-us Mon, 12 Jun 2000 00:00:00 +0530 Sat, 18 Feb 2017 17:26:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190564 An assessment based on an incorrect appreciation of facts and an unsustainable legal view was held revisable under section 263 because it was erroneous and prejudicial to the Revenue. The receipt from settlement of a claim arising out of an aborted property transaction was treated as referable to the assessee's relinquishment of a capital right to seek specific performance, not as a mere right to sue. The earlier Bombay High Court authorities were distinguished, and the receipt was brought within the capital gains framework. The Assessing Officer's contrary view was rejected, and the revision was upheld. Case-Laws Income Tax Mon, 12 Jun 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190564