https://www.taxtmi.com/caselaws?id=56061 Revision under section 263 remained available where a reassessment failed to give effect to earlier binding revisional directions and was thereby erroneous and prejudicial to the Revenue. For computation under section 41(2), the agreed transfer price of the capital assets was Rs. 13 lakhs, and contingency reserve, development reserve and regular payment deposits could not be deducted from that consideration. An earlier unchallenged revisional finding on those items had attained finality and could not be reopened in later proceedings. The Revenue's position was upheld on both the revision and valuation issues. en-us Mon, 10 Nov 1986 00:00:00 +0530 Wed, 01 Dec 2010 13:43:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56061 Revision under section 263 remained available where a reassessment failed to give effect to earlier binding revisional directions and was thereby erroneous and prejudicial to the Revenue. For computation under section 41(2), the agreed transfer price of the capital assets was Rs. 13 lakhs, and contingency reserve, development reserve and regular payment deposits could not be deducted from that consideration. An earlier unchallenged revisional finding on those items had attained finality and could not be reopened in later proceedings. The Revenue's position was upheld on both the revision and valuation issues. Case-Laws Income Tax Mon, 10 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56061