Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (6) TMI 1199 - AT - Income TaxRevision u/s 263 - LTCG - Difference in valuation of property - AO has acted upon assessee’s calculation indexed cost on the basis of valuation filed by the assessee but as per DVO, the valuation of whole property as on 01.04.1981 determined at Rs. 27,35,720/-, the assessee calculated indexed cost on the basis of valuation at Rs. 42,00,000/- - DR submitted that in the facts of this case, the AO ought to have referred report of DVO and he shall take decision as per law to determine the actual cost of acquisition of the property sold and to determine the correct amount of long term capital gain earned by the assessee on sale of property - HELD THAT:- As relying on the decision of coordinate bench in the case of Monoj Kumar Biswas (2021 (9) TMI 603 - ITAT KOLKATA] we are of the view that the revisionary jurisdiction has not been exercised by the CIT (International Taxation) in accordance with the provisions of the Act. Accordingly we quash the revisionary proceedings initiated u/s 263 of the Act and consequential order passed u/s 263 of the Act. The appeal of the assessee is allowed.
|