https://www.taxtmi.com/caselaws?id=416100 Revision under section 263 requires the assessment order to be both erroneous and prejudicial to the Revenue; on the facts, land cultivated by the assessee's forefathers as tenants and later converted into ownership was treated as the assessee's individual property, so the Principal Commissioner's revision was not sustainable. Because the asset belonged to the assessee personally, transfer proceeds were assessable as capital gains in the correct hands and not as income from other sources or in the HUF's hands; the addition was deleted. A 377-day delay in filing one appeal was also condoned on the basis of wrong professional advice and absence of deliberate laches. en-us Fri, 26 Nov 2021 00:00:00 +0530 Tue, 21 Dec 2021 08:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416100 Revision under section 263 requires the assessment order to be both erroneous and prejudicial to the Revenue; on the facts, land cultivated by the assessee's forefathers as tenants and later converted into ownership was treated as the assessee's individual property, so the Principal Commissioner's revision was not sustainable. Because the asset belonged to the assessee personally, transfer proceeds were assessable as capital gains in the correct hands and not as income from other sources or in the HUF's hands; the addition was deleted. A 377-day delay in filing one appeal was also condoned on the basis of wrong professional advice and absence of deliberate laches. Case-Laws Income Tax Fri, 26 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416100