https://www.taxtmi.com/caselaws?id=772608 Section 263 revision was upheld where an assessment allowed section 54F exemption on the basis of an unregistered agreement to sell with possession, said to involve purchase of immovable property from the assessee's wife. The record showed inadequate enquiry into the legal effect of the unregistered document, the surrounding non-registration circumstances, and the relevance of the Registration Act, 1908. On that basis, the assessment order was treated as one passed without the necessary verification required by Explanation 2 to section 263, making it erroneous and prejudicial to the interests of the Revenue and therefore amenable to revision. en-us Mon, 09 Jun 2025 00:00:00 +0530 Wed, 11 Jun 2025 08:36:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772608 Section 263 revision was upheld where an assessment allowed section 54F exemption on the basis of an unregistered agreement to sell with possession, said to involve purchase of immovable property from the assessee's wife. The record showed inadequate enquiry into the legal effect of the unregistered document, the surrounding non-registration circumstances, and the relevance of the Registration Act, 1908. On that basis, the assessment order was treated as one passed without the necessary verification required by Explanation 2 to section 263, making it erroneous and prejudicial to the interests of the Revenue and therefore amenable to revision. Case-Laws Income Tax Mon, 09 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772608