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2021 (1) TMI 684 - AT - Income TaxRectification u/s 254 - Whether invoking section 50C was right? - both the CIT(A) and ITAT principally agreed with the view of the AO that invoking section 50C was right - HELD THAT:- In the instant case, the Ld. CIT(A) has directed the AO to make a reference to the Valuation Officer in accordance with provisions of section 50C(2) of the Act. As mentioned earlier, the Ld. CIT(A), in an appeal against an order of assessment, may confirm, reduce, enhance or annul the assessment. He has no power to set aside/restore the order to the file of the AO. In such a scenario, we have held that the order passed by the Ld. CIT(A) being not in conformity with section 251 of the Act is bad in law. Consequently, we annulled the order passed by the Ld. CIT(A) and allowed the appeal filed by the assessee. Thus the relevant provisions of the Act as mentioned hereinabove have been followed. Consequently, there being no mistake in the order passed by the Tribunal, the MA being devoid of merit, is hereby dismissed.
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