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2017 (5) TMI 834 - AT - Income TaxRevision u/s 263 - enhancing the long term capital gain - order erroneous or prejudicial to the interest of Revenue - Held that:- From going through the above series of events occurred during the course of assessment proceedings we observe that to a specific query raised during the assessment proceedings the assessee has given a specific reply which was accepted by the Ld.AO which resulted in fetching more Revenue to the income tax department because of applying the rate of land as on 01/04/1981 at ₹ 290 per sq.mt. as against ₹ 380 per sq.mt. originally shown by the assessee in the income tax return. There was a sufficient enquiry about the impugned transaction to which complete details were filed by the assessee to the satisfaction of Ld.AO which resulted in enhancing the long term capital gain originally shown by the assessee. Ld.CIT’s order u/s.263 of the Act is focusing on conducting additional enquiry on different pattern and also to apply fair market value of the land as on 01/04/1999 and alternatively he has mentioned about the comparable price of gold in 1999 which was quite similar to the basis taken by the valuer in the revised valuation report of Mr.P.K.Desai dated 10/08/2011 submitted during the course of assessment proceedings. In such case, where there is adequate enquiry and observations of the Ld.AO are clearly mentioned in the body of assessment order and view taken by him is permissible in law such order cannot be said to be erroneous or prejudicial to the interest of Revenue. CIT-A has wrongly assumed the jurisdiction u/s.263 of the AcT - Decided in favour of assessee.
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