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2022 (3) TMI 1036 - HC - Income TaxReview petition - capital gain tax on revalued capital asset - Conversion of partnership firm and the firm into a Private Limited Company - revaluation of land belonging to the firm and the enhanced value of the land was credited to the current account of the partners of the firm - Whether enhanced value of land held by the firm credited to the current account of partners does not attract capital gain? - HELD THAT:- The scope of appeal is governed by Section 260A of the Income Tax Act, 1963. The instant review is filed under Order XLVII Rule 1 read with Sections 114 and 151 of the Code of Civil Procedure. The jurisdiction of the review court is fairly well established and one of the principle objections against the review of judgment is that the error if is to be arrived at upon consideration of grounds of review, it accounts to re-appreciation of the core or totality of circumstances considered by the Division Bench. Such exercise is not termed as correcting the error apparent on the face of record or review jurisdiction exercised. The re-appreciation of circumstance for finding out the error apparent on record is avoided by this Court. The review petitioner failed to bring the grounds for review within the jurisdiction of applicable provision of law. The learned Standing Counsel though made a strenuous effort to decast the circumstances considered by this Court in the judgment under review, we are afraid we may be treading into the path of re-appreciation and would amount to exceeding the review jurisdiction of this Court. The grounds for review raised are not held as coming within the scope of Order XLVII Rule 1 of Code of Civil Procedure and we are satisfied that by examining these grounds, the judgment under review need not be recalled. Review petition dismissed.
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