https://www.taxtmi.com/caselaws?id=784536 An assessment completed without enquiry into a material issue with tax consequences is erroneous and prejudicial to the interests of the revenue, making revision under section 263 valid. Here, the Assessing Officer examined only cash deposits and made no enquiry into the sale of land or whether the properties fell within the municipal limits of Bilaspur as capital assets under section 2(14). The omission to verify the capital-gains implications, including the effect of the municipal boundary notification, brought the case within section 263 and Explanation 2. The revisional order was upheld. en-us Fri, 14 Nov 2025 00:00:00 +0530 Wed, 07 Jan 2026 08:03:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784536 An assessment completed without enquiry into a material issue with tax consequences is erroneous and prejudicial to the interests of the revenue, making revision under section 263 valid. Here, the Assessing Officer examined only cash deposits and made no enquiry into the sale of land or whether the properties fell within the municipal limits of Bilaspur as capital assets under section 2(14). The omission to verify the capital-gains implications, including the effect of the municipal boundary notification, brought the case within section 263 and Explanation 2. The revisional order was upheld. Case-Laws Income Tax Fri, 14 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784536