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2018 (6) TMI 966 - AT - Income TaxRevision of orders prejudicial to revenue u/s 263 - valuation of property without considering the report of Valuation Officer u/s 55A - Held that:- AO has made inquiry about the fair market value of property as at 01.04.1981, it cannot be said that he has not made any inquiry - thus that does not make the order of the AO erroneous and prejudicial to the interest of revenue. Perhaps that could have given an option to the AO to reopen the proceedings u/s 147 as there was some tangible material - but the revision u/s 263 is not legally sustainable - order of the ld CIT also does not suggest what further inquiry the ld AO should have done - introduction of explanation 2 to section 263 introduced w.e.f. 01.06.2015 also does not come to the help of the revenue because it could not be shown that the order is passed without making enquiries or verification which should have been made - relief granted to the assessee is also after making some enquiry into the claim of the assessee - hence the order passed by the ld CIT u/s 263 is not sustainable and hence, quashed. - Decided in favour of assessee.
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