https://www.taxtmi.com/caselaws?id=354494 Revision under section 263 is available only when the assessment order is both erroneous and prejudicial to the interests of the Revenue. Where the Assessing Officer has made enquiries, considered replies, and adopted one of two possible views on the facts and law, revision cannot be invoked merely because another view is possible or because the assessment order is brief. On the facts, the agreement to sell and possession agreement showed that transfer occurred in the earlier year, the assessee disclosed the capital gains accordingly, and the Assessing Officer examined those materials during assessment. The revisionary order was therefore unsustainable. en-us Tue, 23 Jan 2018 00:00:00 +0530 Tue, 30 Jan 2018 11:22:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354494 Revision under section 263 is available only when the assessment order is both erroneous and prejudicial to the interests of the Revenue. Where the Assessing Officer has made enquiries, considered replies, and adopted one of two possible views on the facts and law, revision cannot be invoked merely because another view is possible or because the assessment order is brief. On the facts, the agreement to sell and possession agreement showed that transfer occurred in the earlier year, the assessee disclosed the capital gains accordingly, and the Assessing Officer examined those materials during assessment. The revisionary order was therefore unsustainable. Case-Laws Income Tax Tue, 23 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354494