https://www.taxtmi.com/caselaws?id=21555 HC upheld the Commissioner's exercise of jurisdiction under section 263, finding the ITO's assessment erroneous and prejudicial to revenue because he failed to make necessary enquiries or apply his mind to the agreement, damages and compensation. The Tribunal's conclusion that material existed to revise the assessment was sustained. The HC also held the compensation received was taxable in 1983-84 as damages/other income, not agricultural income, since it arose from breach of contract and was not quantified as loss of agricultural income. The appeal was dismissed in favor of the Revenue. en-us Tue, 22 Oct 1991 00:00:00 +0530 Fri, 24 Oct 2025 20:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21555 HC upheld the Commissioner's exercise of jurisdiction under section 263, finding the ITO's assessment erroneous and prejudicial to revenue because he failed to make necessary enquiries or apply his mind to the agreement, damages and compensation. The Tribunal's conclusion that material existed to revise the assessment was sustained. The HC also held the compensation received was taxable in 1983-84 as damages/other income, not agricultural income, since it arose from breach of contract and was not quantified as loss of agricultural income. The appeal was dismissed in favor of the Revenue. Case-Laws Income Tax Tue, 22 Oct 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21555