https://www.taxtmi.com/caselaws?id=425846 A limited scrutiny assessment on investment in immovable property required enquiry into all statutory consequences of the transaction, including the possible application of section 56(2)(vii)(b)(ii). Because the Assessing Officer made no enquiry on that material issue and accepted the return without applying mind, the order was treated as erroneous and prejudicial to the interests of the Revenue under section 263 read with Explanation 2(a). The revisional authority was also entitled to remit the matter for fresh examination rather than decide the issue finally. The revision was therefore upheld. en-us Fri, 29 Jul 2022 00:00:00 +0530 Mon, 01 Aug 2022 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425846 A limited scrutiny assessment on investment in immovable property required enquiry into all statutory consequences of the transaction, including the possible application of section 56(2)(vii)(b)(ii). Because the Assessing Officer made no enquiry on that material issue and accepted the return without applying mind, the order was treated as erroneous and prejudicial to the interests of the Revenue under section 263 read with Explanation 2(a). The revisional authority was also entitled to remit the matter for fresh examination rather than decide the issue finally. The revision was therefore upheld. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425846