https://www.taxtmi.com/caselaws?id=427509 Section 263 revision is permissible only when the assessment order is both erroneous and prejudicial to the Revenue. On the facts noted, the Assessing Officer had called for details, examined the material, considered the assessee's explanations and taken a legally sustainable view on deductions under sections 54, 54F and 54EC. The assessment record also reflected enquiry into the nature of the property, bifurcation of sale consideration, and the agreement to sell. A mere lack of elaborate discussion in the assessment order did not establish error, and the revisional authority's reliance on colourable device principles was found misplaced. en-us Thu, 04 Aug 2022 00:00:00 +0530 Fri, 09 Sep 2022 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427509 Section 263 revision is permissible only when the assessment order is both erroneous and prejudicial to the Revenue. On the facts noted, the Assessing Officer had called for details, examined the material, considered the assessee's explanations and taken a legally sustainable view on deductions under sections 54, 54F and 54EC. The assessment record also reflected enquiry into the nature of the property, bifurcation of sale consideration, and the agreement to sell. A mere lack of elaborate discussion in the assessment order did not establish error, and the revisional authority's reliance on colourable device principles was found misplaced. Case-Laws Income Tax Thu, 04 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427509