https://www.taxtmi.com/caselaws?id=21986 Revision under section 263 was supported by sufficient material where the acquisition chronology showed notice under section 9(1) and possession was taken on 12 October 1973, making the Commissioner's view that the original assessment was erroneous and prejudicial to revenue sustainable. For capital gains, the date of lawful taking of possession under section 17(1), when the land vested absolutely in the Government free from encumbrances, was the operative date for accrual and assessment. The delayed possession was not treated as possession under section 16, and the gains were therefore assessable in assessment year 1974-75. en-us Thu, 12 Dec 1991 00:00:00 +0530 Sat, 05 Dec 2009 12:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21986 Revision under section 263 was supported by sufficient material where the acquisition chronology showed notice under section 9(1) and possession was taken on 12 October 1973, making the Commissioner's view that the original assessment was erroneous and prejudicial to revenue sustainable. For capital gains, the date of lawful taking of possession under section 17(1), when the land vested absolutely in the Government free from encumbrances, was the operative date for accrual and assessment. The delayed possession was not treated as possession under section 16, and the gains were therefore assessable in assessment year 1974-75. Case-Laws Income Tax Thu, 12 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21986