https://www.taxtmi.com/caselaws?id=771390 ITAT Kolkata allowed the assessee's appeal against CIT's revision order u/s 263. CIT contended that AO erroneously accepted Long-Term Capital Gain claim without proper verification, arguing purchase date should be from agreement registration, not possession date. ITAT held that AO had thoroughly examined the issue during assessment proceedings and correctly accepted assessee's Long-Term Capital Gain calculation based on possession date. The assessment order was neither erroneous nor prejudicial to revenue interest, making the revisionary jurisdiction invocation improper. Following Malabar Industrial Co. Ltd precedent, both conditions must be satisfied for valid s.263 revision. en-us Thu, 22 May 2025 00:00:00 +0530 Sat, 24 May 2025 09:00:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771390 ITAT Kolkata allowed the assessee's appeal against CIT's revision order u/s 263. CIT contended that AO erroneously accepted Long-Term Capital Gain claim without proper verification, arguing purchase date should be from agreement registration, not possession date. ITAT held that AO had thoroughly examined the issue during assessment proceedings and correctly accepted assessee's Long-Term Capital Gain calculation based on possession date. The assessment order was neither erroneous nor prejudicial to revenue interest, making the revisionary jurisdiction invocation improper. Following Malabar Industrial Co. Ltd precedent, both conditions must be satisfied for valid s.263 revision. Case-Laws Income Tax Thu, 22 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771390