Revision u/s 263 - applicability of section 56(2)(x) - assessee acquired leasehold/freehold land and...

Revision u/s 263 - applicability of section 56(2)(x) - assessee acquired leasehold/freehold land and building from the BDMC - The ITAT found that the revisionary jurisdiction under Section 263 was exercised based on the Assessing Officer's proposal, rather than an independent examination by the PCIT. This approach was deemed incorrect and against the provisions of law, leading to the quashing of the revisionary order as invalid. - The ITAT held that the provisions of Section 56(2)(x) were not applicable to the acquisition of leasehold/freehold interests in land and building by the assessee. .....

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