https://www.taxtmi.com/caselaws?id=424358 The Tribunal found that the CIT had not properly exercised revisionary jurisdiction under the Act. The Tribunal quashed the revisionary proceedings initiated under Section 263 and the consequential order. The appeal of the assessee was allowed, emphasizing that the AO's acceptance of the Registered Valuer's report was a permissible view and not erroneous. The CIT's assumption of jurisdiction was deemed unjustified, and reliance on the DVO's report was considered merely an opinion, leading to the quashing of the revisionary proceedings. en-us Thu, 23 Jun 2022 00:00:00 +0530 Mon, 27 Jun 2022 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424358 The Tribunal found that the CIT had not properly exercised revisionary jurisdiction under the Act. The Tribunal quashed the revisionary proceedings initiated under Section 263 and the consequential order. The appeal of the assessee was allowed, emphasizing that the AO's acceptance of the Registered Valuer's report was a permissible view and not erroneous. The CIT's assumption of jurisdiction was deemed unjustified, and reliance on the DVO's report was considered merely an opinion, leading to the quashing of the revisionary proceedings. Case-Laws Income Tax Thu, 23 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424358