https://www.taxtmi.com/caselaws?id=468959 A revision under section 263 was sustained because the assessment order was passed in limited scrutiny without proper inquiry into the taxability of an immovable property gift received from a non-relative. The Tribunal noted that the assessee did not provide effective compliance or material to rebut the revisional findings, while the registered gift deed and stamp duty value indicated that the conditions of section 56(2)(x)(b) were attracted. The failure of the Assessing Officer to examine the specific scrutiny issue and apply mind to the statutory provision rendered the assessment erroneous and prejudicial to the interests of the revenue, so the revisional order was upheld. en-us Mon, 10 Feb 2025 00:00:00 +0530 Tue, 26 May 2026 21:06:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468959 A revision under section 263 was sustained because the assessment order was passed in limited scrutiny without proper inquiry into the taxability of an immovable property gift received from a non-relative. The Tribunal noted that the assessee did not provide effective compliance or material to rebut the revisional findings, while the registered gift deed and stamp duty value indicated that the conditions of section 56(2)(x)(b) were attracted. The failure of the Assessing Officer to examine the specific scrutiny issue and apply mind to the statutory provision rendered the assessment erroneous and prejudicial to the interests of the revenue, so the revisional order was upheld. Case-Laws Income Tax Mon, 10 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468959