https://www.taxtmi.com/caselaws?id=456857 Revisional jurisdiction under section 263 was held unsustainable where the Assessing Officer had made enquiries into the purchase of immovable property, examined the assessee's reply and adopted a permissible view. The property had already been paid for by account payee cheques, possession had been taken in earlier years, and the later registration papers were only correction deeds to cure title defects, not a fresh purchase. On that basis, section 56(2)(x) was inapplicable because the transfer had been completed earlier. The revision was therefore set aside in favour of the assessee. en-us Tue, 06 Jun 2023 00:00:00 +0530 Wed, 21 Aug 2024 19:54:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456857 Revisional jurisdiction under section 263 was held unsustainable where the Assessing Officer had made enquiries into the purchase of immovable property, examined the assessee's reply and adopted a permissible view. The property had already been paid for by account payee cheques, possession had been taken in earlier years, and the later registration papers were only correction deeds to cure title defects, not a fresh purchase. On that basis, section 56(2)(x) was inapplicable because the transfer had been completed earlier. The revision was therefore set aside in favour of the assessee. Case-Laws Income Tax Tue, 06 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456857