https://www.taxtmi.com/caselaws?id=280718 The ITAT quashed the revision order by the Commissioner of Income Tax, ruling that the assessment order accepting the purchase price of a property, even if undervalued, was not erroneous. The ITAT emphasized that the Commissioner must identify specific errors in the assessment order to invoke revision powers. The ITAT held that the DVO's report did not necessitate changes to the assessed income and that mere discrepancies in valuation did not warrant revision. Consequently, the ITAT allowed the appeal, providing relief to the assessee by setting aside the revision order. en-us Fri, 17 Feb 2012 00:00:00 +0530 Sat, 18 May 2019 13:01:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280718 The ITAT quashed the revision order by the Commissioner of Income Tax, ruling that the assessment order accepting the purchase price of a property, even if undervalued, was not erroneous. The ITAT emphasized that the Commissioner must identify specific errors in the assessment order to invoke revision powers. The ITAT held that the DVO's report did not necessitate changes to the assessed income and that mere discrepancies in valuation did not warrant revision. Consequently, the ITAT allowed the appeal, providing relief to the assessee by setting aside the revision order. Case-Laws Income Tax Fri, 17 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280718