https://www.taxtmi.com/caselaws?id=761987 Revision under section 263 concerns whether the CIT could revise an assessment on the ground that capital gains should have been assessed as business income, including the characterization of stock-in-trade and the need for inquiry or verification under Explanation 2(a). The text also notes the principle that revisional power is not to be exercised where two plausible views exist. In the present matter, the Supreme Court found no reason to interfere with the Karnataka High Court's view and dismissed the special leave petition. en-us Mon, 18 Nov 2024 00:00:00 +0530 Wed, 29 Apr 2026 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761987 Revision under section 263 concerns whether the CIT could revise an assessment on the ground that capital gains should have been assessed as business income, including the characterization of stock-in-trade and the need for inquiry or verification under Explanation 2(a). The text also notes the principle that revisional power is not to be exercised where two plausible views exist. In the present matter, the Supreme Court found no reason to interfere with the Karnataka High Court's view and dismissed the special leave petition. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761987