https://www.taxtmi.com/caselaws?id=304163 The Tribunal held that the Assessing Officer exceeded jurisdiction by re-determining Fair Market Value under sec. 154, as property valuation was debatable and required subjective consideration. Rectification u/s 154 is limited to correcting obvious mistakes, not re-evaluating contentious issues. The order u/s 154 was set aside, additional capital gains based on DVO's valuation were deleted, and the appeal by the assessee was allowed. The importance of jurisdictional limits in rectification proceedings was emphasized. en-us Fri, 28 Oct 2011 00:00:00 +0530 Sat, 10 Sep 2022 12:59:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304163 The Tribunal held that the Assessing Officer exceeded jurisdiction by re-determining Fair Market Value under sec. 154, as property valuation was debatable and required subjective consideration. Rectification u/s 154 is limited to correcting obvious mistakes, not re-evaluating contentious issues. The order u/s 154 was set aside, additional capital gains based on DVO's valuation were deleted, and the appeal by the assessee was allowed. The importance of jurisdictional limits in rectification proceedings was emphasized. Case-Laws Income Tax Fri, 28 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304163