https://www.taxtmi.com/caselaws?id=795270 Revision under section 263 was valid because the Assessing Officer completed the capital-gains assessment without awaiting or independently verifying the valuation report he had sought to determine the property's fair market value. As the report was available when the Principal Commissioner examined the record, it formed part of the record under Explanation 1(b) to section 263. Assessment completion due to limitation did not cure the absence of material regarded as necessary for correct computation. The revisional direction therefore required fresh consideration of the valuation report after hearing the assessee. en-us Wed, 15 Jul 2026 00:00:00 +0530 Mon, 20 Jul 2026 09:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795270 Revision under section 263 was valid because the Assessing Officer completed the capital-gains assessment without awaiting or independently verifying the valuation report he had sought to determine the property's fair market value. As the report was available when the Principal Commissioner examined the record, it formed part of the record under Explanation 1(b) to section 263. Assessment completion due to limitation did not cure the absence of material regarded as necessary for correct computation. The revisional direction therefore required fresh consideration of the valuation report after hearing the assessee. Case-Laws Income Tax Wed, 15 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795270