https://www.taxtmi.com/caselaws?id=385278 An assessment was held revisable under section 263 because the Assessing Officer accepted the taxpayer's explanation on receipt and property transfer issues without making adequate enquiry into the earlier payment, supporting confirmation, settlement deed, sale documents, and surrounding transaction circumstances. On the record, the unexplained acceptance of a material claim rendered the assessment erroneous and prejudicial to the interests of the Revenue. The Principal Commissioner's revision was therefore sustained, and the matter was sent back for fresh examination of the taxability and capital gains implications of the transaction. en-us Wed, 28 Aug 2019 00:00:00 +0530 Sat, 31 Aug 2019 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385278 An assessment was held revisable under section 263 because the Assessing Officer accepted the taxpayer's explanation on receipt and property transfer issues without making adequate enquiry into the earlier payment, supporting confirmation, settlement deed, sale documents, and surrounding transaction circumstances. On the record, the unexplained acceptance of a material claim rendered the assessment erroneous and prejudicial to the interests of the Revenue. The Principal Commissioner's revision was therefore sustained, and the matter was sent back for fresh examination of the taxability and capital gains implications of the transaction. Case-Laws Income Tax Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385278