https://www.taxtmi.com/caselaws?id=8557 The High Court ruled in favor of the assessee, holding that the Income-tax Officer lacked jurisdiction to revise the assessment under section 154 of the Income-tax Act, 1961. The court determined that the mistake must be apparent on the record and not open to debate for section 154 to apply. Additionally, it found that section 54(ii) did not apply to the sale transaction in question as the property sold did not meet the criteria for a "new asset" under the Act. The court's decision emphasized the need for clear and unambiguous mistakes to invoke section 154 and provided a detailed analysis of relevant provisions to support its findings. en-us Thu, 02 Dec 1971 00:00:00 +0530 Thu, 30 Apr 2009 16:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8557 The High Court ruled in favor of the assessee, holding that the Income-tax Officer lacked jurisdiction to revise the assessment under section 154 of the Income-tax Act, 1961. The court determined that the mistake must be apparent on the record and not open to debate for section 154 to apply. Additionally, it found that section 54(ii) did not apply to the sale transaction in question as the property sold did not meet the criteria for a "new asset" under the Act. The court's decision emphasized the need for clear and unambiguous mistakes to invoke section 154 and provided a detailed analysis of relevant provisions to support its findings. Case-Laws Income Tax Thu, 02 Dec 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8557