https://www.taxtmi.com/caselaws?id=472540 Revisionary jurisdiction requires an assessment order to be both erroneous and prejudicial to the Revenue; Explanation 2 does not displace these twin conditions. Where scrutiny examined JDA receipts, capital-gains treatment, records and explanations, revision cannot substitute another plausible view or commence a fishing inquiry. A landowner's revenue share under a Joint Development Agreement is long-term capital gain where the land remains a capital asset and the developer alone bears construction, approvals, marketing, funding and project risks. Deferred receipt of agreed consideration does not, by itself, create an adventure in the nature of trade or business income. en-us Fri, 02 Sep 2022 00:00:00 +0530 Thu, 15 Oct 2026 13:27:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472540 Revisionary jurisdiction requires an assessment order to be both erroneous and prejudicial to the Revenue; Explanation 2 does not displace these twin conditions. Where scrutiny examined JDA receipts, capital-gains treatment, records and explanations, revision cannot substitute another plausible view or commence a fishing inquiry. A landowner's revenue share under a Joint Development Agreement is long-term capital gain where the land remains a capital asset and the developer alone bears construction, approvals, marketing, funding and project risks. Deferred receipt of agreed consideration does not, by itself, create an adventure in the nature of trade or business income. Case-Laws Income Tax Fri, 02 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472540