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2022 (10) TMI 1025 - AT - Income TaxRevision u/s 263 by CIT - short working of capital gain - assessee has received ancestral property from her father late - PCIT held that the Assessing Officer has not correctly verified the different valuation adopted by the assessee in different areas for the same land and, therefore, set aside the assessment order and directed the AO to pass fresh assessment order - HELD THAT:- It is pertinent to note that the Assessing Officer in notice under Section 142(1) of the Act has asked the query not in general but specifically asked the details about the land purchased and sold along with sale deed and purchase deed. The reply of the assessee clearly shows that the assessee has given all the details in response to DVO’s calculation related to land and the indexation thereto. In fact, AO in reopening has categorically made finding and made addition to the extent of Rs.18,63,319/- on account of short working of LTCG. DVO’s report was authenticated and accepted by the Revenue. This is not a case of lack of enquiry or no enquiry at all. Besides this, the PCIT has given his own observation which amounts to review and change of opinion or review while exercising Section 263 is not permitted by the Income Tax Statute. Thus, the PCIT was not right in exercising Section 263 in assessee’s case. The appeal of the assessee is thus allowed.
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