The Assessing Officer, after examining the valuation of leasehold land and building acquired for setting up a mega industrial unit and considering the registered valuer’s scientific valuation report along with incentives granted by the Government of Maharashtra, accepted the assessee’s claim and completed assessment after due enquiry. The Tribunal found that invocation of revisionary jurisdiction by the Principal CIT was primarily at the instance of the Assessing Officer, which is impermissible in law, and that adequate enquiries had in fact been conducted during assessment proceedings. It was also held that section 56(2)(x) was inapplicable since the agreement for acquisition preceded its introduction. Further, reversal/write-back of a provision earlier disallowed under section 43B could not be brought to tax, as such action would amount to double taxation of the same sum. The Principal CIT failed to deal with the assessee’s detailed explanation and judicial precedents while directing reconsideration by the Assessing Officer. Accordingly, the Tribunal rightly set aside the revision order and the High Court affirmed that the conditions for exercise of jurisdiction under section 263 were absent. (AY. 2018-19).