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| The Tax Publishers2020 TaxPub(DT) 2157 (Del-Trib) INCOME TAX ACT, 1961
Section 263
Since it is not mandatory for AO to make a reference to DVO in all cases where stamp duty valuation exceeds fair market value, thus, by not referring issue of valuation to DVO, AO had taken one of possible views and that discretion of AO could not be termed as being erroneous as held by PCIT, for invoking jurisdiction under section 263.
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Revision under section 263 - Erroneous and prejudicial order - Failure of AO to make reference to DVO -
Assessee challenged order passed by PCIT under section 263, wherein assessment order passed under section 143(3) was held to be erroneous in so far as being prejudicial to interest of revenue. PCIT alleged that while computing capital gain, AO did not refer issue of valuation to DVO. Held: It is not mandatory for AO to make a reference to DVO in all cases where stamp duty valuation exceeds fair market value. Order of AO could not be held to be erroneous in so far as being prejudicial to interest of the Revenue on that count. Thus, in instant case, by not referring issue of valuation to DVO, AO had taken one of possible views and that discretion of AO could not be termed as being erroneous as held by PCIT.
Followed:Mr. Jitindar Singh Chadha v. Pr. CIT (2019) 200 TTJ (Del) 98 : 2019 TaxPub(DT) 0449 (Del-Trib)
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2014-15
INCOME TAX ACT, 1961
Section 263
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