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2023 (6) TMI 1133 - DELHI HIGH COURTRevision u/s 263 by CIT - under-assessment by virtue of the fact that the valuation that had been placed by the concerned authority for affixation of stamp duty was higher - HELD THAT:- As the value for the purpose of stamping was pegged at Rs. 387,64,76,000/- The record, thus, reveals that it was not the respondent/assessee who effectuated the sale of the subject land. The subject land was sold by the secured lenders to recover from dues owed by the respondent/assessee. Tribunal concluded that the PCIT had failed to notice the underlying facts, while invoking his powers under Section 263 of the Act. Tribunal correctly appreciated the law on the subject, which is that for invoking powers under Section 263 of the Act, two conditions have to be met, i.e., not only the order should be erroneous, but it should also be prejudicial to the interest of the revenue. Twin conditions were not met. The Tribunal has correctly interdicted the view taken by the PCIT. Given the facts obtaining in the instant case, we are in agreement with the Tribunal, that the power under Section 263 of the Act was wrongly exercised by the PCIT. No substantial question of law.
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