https://www.taxtmi.com/caselaws?id=298172 Revision under section 263 was found unsustainable where the assessment was completed after enquiry and approval under section 153D, and the Assessing Officer had taken a possible view. The receipt on cancellation of the builder-buyer agreement was treated as capital in nature because it arose from surrender of the contractual right to obtain the capital asset, and was taxable as capital gains, not as revenue income. The arbitral award could be considered in income-tax proceedings, while third-party electronic material was rejected for want of corroboration and the section 65B certificate. The attempted recharacterisation under income clauses failed, and the revisional order was set aside. en-us Mon, 31 May 2021 00:00:00 +0530 Sat, 20 Sep 2025 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298172 Revision under section 263 was found unsustainable where the assessment was completed after enquiry and approval under section 153D, and the Assessing Officer had taken a possible view. The receipt on cancellation of the builder-buyer agreement was treated as capital in nature because it arose from surrender of the contractual right to obtain the capital asset, and was taxable as capital gains, not as revenue income. The arbitral award could be considered in income-tax proceedings, while third-party electronic material was rejected for want of corroboration and the section 65B certificate. The attempted recharacterisation under income clauses failed, and the revisional order was set aside. Case-Laws Income Tax Mon, 31 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298172