https://www.taxtmi.com/caselaws?id=412508 Section 263 revision requires the assessment order to be both erroneous and prejudicial to the interests of the revenue. On the jointly held property issue, any increase in one co-owner's sale consideration would be offset by a corresponding reduction in the other co-owner's hands, leaving the tax base unchanged and defeating the prejudice requirement. On the section 54B issue, revision could not extend to a matter outside the reasons for reopening under section 147 or the reassessment proceedings. The revisionary order was therefore quashed, with the findings on both issues in favour of the assessee. en-us Fri, 03 Sep 2021 00:00:00 +0530 Mon, 20 Sep 2021 09:21:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412508 Section 263 revision requires the assessment order to be both erroneous and prejudicial to the interests of the revenue. On the jointly held property issue, any increase in one co-owner's sale consideration would be offset by a corresponding reduction in the other co-owner's hands, leaving the tax base unchanged and defeating the prejudice requirement. On the section 54B issue, revision could not extend to a matter outside the reasons for reopening under section 147 or the reassessment proceedings. The revisionary order was therefore quashed, with the findings on both issues in favour of the assessee. Case-Laws Income Tax Fri, 03 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412508