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2023 (7) TMI 790 - ITAT INDORERevision u/s 263 - computation of long term capital gain - determination of fair market value - HELD THAT:- As in case the AO has adopted one of the courses permissible in law would not render the order of the AO erroneous. Similarly after the AO has taken a possible view then the order of the AO would not be regarding as erroneous merely because the commissioner does not agree with the view of the AO. Therefore, in case in hand when the AO has adopted one of the possible method of determination of fair market value which is more than the value as determined by the registered valuer then a different value determined by the DVO in the report which is received after the completion of the assessment would not render the order of the AO being erroneous and prejudicial to the interest of the Revenue. Determination of the fair market value as on 01.04.1981 - Assessee has raised specific issues before ld. CIT(A) regarding the validity of reference made by the AO to DVO for want of any enabling provisions u/s 55A prior to amendment as well as determination of fair market value as on 01.04.1981 by the AO. It is evident from the record that the issue of determination of fair market value as on 01.04.1981 was very much subject matter of the appeal before the Ld. CIT(A) and therefore, powers of the Pr. CIT u/s 263(1) as per clause(c) of explanation (1) are extended only to such matter which has not been considered and decided in the appeal. In other words the matter which is subject matter of the appeal before the appellate authority is beyond the powers of the Pr. CIT while invoking the provision of section 263 of the Act. Therefore, when the issue of determination of fair market value of the land in question as on 01.04.1981 was subject matter of the appeal before the Ld. CIT(A) then the Pr. CIT would have no jurisdiction to revise the order of the AO on the same issue. Appeal of assessee allowed.
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