https://www.taxtmi.com/caselaws?id=469442 Revision under section 263 was held unsustainable because the Assessing Officer had made adequate inquiry into the sale consideration and the possible application of section 50C before accepting the returned income. The record showed that notices were issued, relevant documents and bank statements were examined, and the assessee's explanation was considered. On those facts, the assessment could not be described as erroneous or prejudicial to the interests of the Revenue merely because the Principal Commissioner preferred a different view on the same material. The revisional order was quashed and the assessee succeeded. en-us Thu, 06 Mar 2025 00:00:00 +0530 Wed, 17 Jun 2026 19:02:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469442 Revision under section 263 was held unsustainable because the Assessing Officer had made adequate inquiry into the sale consideration and the possible application of section 50C before accepting the returned income. The record showed that notices were issued, relevant documents and bank statements were examined, and the assessee's explanation was considered. On those facts, the assessment could not be described as erroneous or prejudicial to the interests of the Revenue merely because the Principal Commissioner preferred a different view on the same material. The revisional order was quashed and the assessee succeeded. Case-Laws Income Tax Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469442