https://www.taxtmi.com/caselaws?id=800903 Revision under section 263 may take account of a Departmental Valuation Officer's report received after assessment because the revisional record encompasses material available when the revisional authority examines it. Where an assessment accepts declared acquisition cost without considering a valuation report sought by the Assessing Officer, that omission may render the assessment erroneous and prejudicial to Revenue interests, requiring redetermination after hearing the assessee. For assessment limitation, the period from the valuation reference to actual receipt of the report is excluded; receipt beyond six months does not itself invalidate the report. en-us Thu, 08 Oct 2026 00:00:00 +0530 Tue, 13 Oct 2026 07:21:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800903 Revision under section 263 may take account of a Departmental Valuation Officer's report received after assessment because the revisional record encompasses material available when the revisional authority examines it. Where an assessment accepts declared acquisition cost without considering a valuation report sought by the Assessing Officer, that omission may render the assessment erroneous and prejudicial to Revenue interests, requiring redetermination after hearing the assessee. For assessment limitation, the period from the valuation reference to actual receipt of the report is excluded; receipt beyond six months does not itself invalidate the report. Case-Laws Income Tax Thu, 08 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800903