https://www.taxtmi.com/caselaws?id=792286 Revision under section 263 was upheld because the reassessment and rectification orders were passed without proper inquiry into the applicability of section 56(2)(vii)(b) to the purchase of immovable property at a consideration below stamp duty value. The record showed that the Assessing Officer examined only the sale-side transactions and did not apply mind to the purchase transaction, while also referring to section 56(2)(x), which was not applicable to the relevant assessment year. On that material lapse in inquiry on a relevant issue, the revisional jurisdiction was treated as validly invoked. en-us Wed, 20 May 2026 00:00:00 +0530 Tue, 26 May 2026 08:24:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792286 Revision under section 263 was upheld because the reassessment and rectification orders were passed without proper inquiry into the applicability of section 56(2)(vii)(b) to the purchase of immovable property at a consideration below stamp duty value. The record showed that the Assessing Officer examined only the sale-side transactions and did not apply mind to the purchase transaction, while also referring to section 56(2)(x), which was not applicable to the relevant assessment year. On that material lapse in inquiry on a relevant issue, the revisional jurisdiction was treated as validly invoked. Case-Laws Income Tax Wed, 20 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792286