https://www.taxtmi.com/caselaws?id=69802 The Commissioner could not invoke section 24(2) of the Gift-tax Act to revise the assessment because the Gift-tax Officer had examined the sale deed, stamp valuation and surrounding circumstances, and had consciously estimated value after local inspection. The revisional action was based mainly on a suspicion that market value was higher, but the materials did not show that the original assessment was erroneous in law or that the assessee had suppressed facts. A higher stamp valuation by itself did not conclusively establish market value or justify revision, so the revisional order was invalid and was set aside. en-us Tue, 26 May 1981 00:00:00 +0530 Tue, 12 Apr 2011 11:48:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69802 The Commissioner could not invoke section 24(2) of the Gift-tax Act to revise the assessment because the Gift-tax Officer had examined the sale deed, stamp valuation and surrounding circumstances, and had consciously estimated value after local inspection. The revisional action was based mainly on a suspicion that market value was higher, but the materials did not show that the original assessment was erroneous in law or that the assessee had suppressed facts. A higher stamp valuation by itself did not conclusively establish market value or justify revision, so the revisional order was invalid and was set aside. Case-Laws Income Tax Tue, 26 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69802