https://www.taxtmi.com/caselaws?id=797908 Revisionary jurisdiction under section 263 requires an assessment order to be both erroneous and prejudicial to the interests of the Revenue. Where the assessee has disclosed material relevant to capital-gains computation and the Assessing Officer verifies that material before consciously accepting the explanation, revision cannot be based solely on a different view of the inquiry required or computation preferred. The assessment view must be unsustainable in law for revision to apply. On these principles, invocation of section 263 was impermissible and the issue was resolved in the assessee's favour. en-us Tue, 18 Aug 2026 00:00:00 +0530 Sat, 29 Aug 2026 14:35:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797908 Revisionary jurisdiction under section 263 requires an assessment order to be both erroneous and prejudicial to the interests of the Revenue. Where the assessee has disclosed material relevant to capital-gains computation and the Assessing Officer verifies that material before consciously accepting the explanation, revision cannot be based solely on a different view of the inquiry required or computation preferred. The assessment view must be unsustainable in law for revision to apply. On these principles, invocation of section 263 was impermissible and the issue was resolved in the assessee's favour. Case-Laws Income Tax Tue, 18 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797908