https://www.taxtmi.com/caselaws?id=293246 Section 263 revision is not sustainable where the assessment order follows enquiry and adopts a possible view on the same material. The assessee had disclosed the gift transfer of shares at nil consideration, explained the commercial rationale, and furnished supporting documents during assessment; the Assessing Officer raised queries, received replies, and considered the tax position, including the plea that a gift was not taxable and that capital gains computation would fail without consideration. On these facts, the revisional authority merely substituted a different view without showing lack of enquiry or any legally sustainable error prejudicial to revenue, so revision was held impermissible and the assessment order stood. en-us Fri, 04 Oct 2019 00:00:00 +0530 Tue, 02 Feb 2021 14:02:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293246 Section 263 revision is not sustainable where the assessment order follows enquiry and adopts a possible view on the same material. The assessee had disclosed the gift transfer of shares at nil consideration, explained the commercial rationale, and furnished supporting documents during assessment; the Assessing Officer raised queries, received replies, and considered the tax position, including the plea that a gift was not taxable and that capital gains computation would fail without consideration. On these facts, the revisional authority merely substituted a different view without showing lack of enquiry or any legally sustainable error prejudicial to revenue, so revision was held impermissible and the assessment order stood. Case-Laws Income Tax Fri, 04 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293246