https://www.taxtmi.com/caselaws?id=785626 Validity of exercise of revision under section 263 was examined on whether the Assessing Officer applied his mind; finding that the AO conducted detailed enquiries and legitimately allowed exemption under section 10(23FB), substitution of the AO's view by the revisional authority was impermissible, and the revisional order was set aside. The eligibility of investments in VCUs engaged in real estate was considered under VCF Regulations and SEBI clarifications; removal of real estate from the negative list and permissibility of temporary mutual fund investments meant no regulatory breach, and income taxed in unit holders hands prevented prejudice to revenue, resulting in restoration of the assessment. en-us Mon, 19 Jan 2026 00:00:00 +0530 Wed, 28 Jan 2026 07:26:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785626 Validity of exercise of revision under section 263 was examined on whether the Assessing Officer applied his mind; finding that the AO conducted detailed enquiries and legitimately allowed exemption under section 10(23FB), substitution of the AO's view by the revisional authority was impermissible, and the revisional order was set aside. The eligibility of investments in VCUs engaged in real estate was considered under VCF Regulations and SEBI clarifications; removal of real estate from the negative list and permissibility of temporary mutual fund investments meant no regulatory breach, and income taxed in unit holders hands prevented prejudice to revenue, resulting in restoration of the assessment. Case-Laws Income Tax Mon, 19 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785626