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2014 (5) TMI 236 - HC - Income TaxPower to invoke section 263 of the Act – Valuation of property – Compliance of section 50C of the Act - Held that:- The Tribunal is right in saying that the CIT in its order has referred the contents of the notice and details relating to the valuation of the property and the reply of the assessee and the valuation report dated 26.06.2009 and has not given any reason as to why the order is erroneous and prejudicial to the interest of revenue – there was substance in the contention of the assessee that the order which has been cancelled u/s 263 was the order passed u/s 147/148 wherein after the re-opening of the assessment it was found that there was compliance of section 50C - There was no issue relating to the determination of the long term capital gain and the exemption u/s 54F -the language of Section 263 provides that the Commissioner may call far and examine the record - The word "examine the record" means the material available on record at the time of assessment and not the material which has been obtained subsequent to the assessment order, the said material cannot be said to be part of the record and cannot be examined for invoking the provision section 263 - reliance placed on the valuation report dated 26.06.2009 for invoking the provision of section 263 is also not justified – thus, there was no error in the order of the Tribunal – Decided against Revenue.
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