Held that the in view of the admitted facts that the land was purchased and sold without any development, no elaborate enquiry was required and the Assessing Officer has noted the facts required for the case and passed the Assessing orders. Appeal of the assessee is allowed and the Revision order was quashed. (AY. 2008-09)
Embassy Brindavan Developers v. CIT (2023) 457 ITR 234/ 291 Taxman 188 (Karn)(HC).Editorial : Notice issued in SLP filed by the Revenue , CIT v. Embassy Brindavan Developers (2023) 294 Taxman 437 (SC)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Purchase and sale of land-Capital asset-Intention to construct a Tech Park-No development activity-Revision is held to be not valid. [S. 2(14),28(i), 45, 143(3)]