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2015 (10) TMI 1385 - AT - Income TaxRevision u/s 263 - capital gain was not computed as per the provisions of section 50C - assessment order was rectified of not considering the provisions of section 50C - Held that:- We find that assessment in this case was originally completed under section 143(3) on December 17, 2011 and the order was rectified under section 154 on December 19, 2013 whereby the Assessing Officer had rectified the mistake of not considering the provisions of section 50C in the original assessment proceedings. Therefore, the date of issue of notice under section 263 is January 27, 2014 which is after the date of the rectified order dated December 19, 2013. The order dated December 17, 2011 which was sought to be rectified, did not exist. The assessee in response to the notice under section 263 had brought this matter to the notice of the Commissioner of Income-tax but the Commissioner of Income-tax without considering the submissions, passed order under section 263 for initiating proceedings de novo which is not legally valid and is not based upon the facts of the present case. Commissioner of Income-tax had no jurisdiction to pass order under section 263 against the order dated December 17, 2011 which already stood merged with the order under section 154 dated December 19, 2013. - Decided in favour of assessee.
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