https://www.taxtmi.com/caselaws?id=768992 Revisional jurisdiction under Section 263 was considered where reassessment had allowed a Section 54F exemption claim without proper verification. The Tribunal noted that the asserted residential property purchase rested on an unregistered agreement, and that part performance under Section 53A of the Transfer of Property Act required compliance with the registration requirement in Section 17(1-A) of the Registration Act. Because the Assessing Officer failed to make the necessary inquiry, the order fell within Explanation 2(a) to Section 263 as erroneous and prejudicial to the interests of the Revenue, and revision was upheld. en-us Wed, 12 Mar 2025 00:00:00 +0530 Thu, 17 Apr 2025 08:37:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768992 Revisional jurisdiction under Section 263 was considered where reassessment had allowed a Section 54F exemption claim without proper verification. The Tribunal noted that the asserted residential property purchase rested on an unregistered agreement, and that part performance under Section 53A of the Transfer of Property Act required compliance with the registration requirement in Section 17(1-A) of the Registration Act. Because the Assessing Officer failed to make the necessary inquiry, the order fell within Explanation 2(a) to Section 263 as erroneous and prejudicial to the interests of the Revenue, and revision was upheld. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768992