https://www.taxtmi.com/caselaws?id=442969 Section 263 revision cannot be used to disturb an assessment where the Assessing Officer accepted the sale consideration disclosed in registered deeds and the record did not establish the conditions for section 50C. The assessee had reported capital gains on transfer of immovable property, the stated consideration was accepted by the Sub-Registrar, stamp duty was paid on that value, and there was no deficit duty. On those facts, the Revenue's reliance on an alleged higher guideline value or unverified discrepancy was insufficient to show error in the assessment, so the revisionary order was quashed in favour of the assessee. en-us Fri, 21 Apr 2023 00:00:00 +0530 Wed, 13 Sep 2023 18:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442969 Section 263 revision cannot be used to disturb an assessment where the Assessing Officer accepted the sale consideration disclosed in registered deeds and the record did not establish the conditions for section 50C. The assessee had reported capital gains on transfer of immovable property, the stated consideration was accepted by the Sub-Registrar, stamp duty was paid on that value, and there was no deficit duty. On those facts, the Revenue's reliance on an alleged higher guideline value or unverified discrepancy was insufficient to show error in the assessment, so the revisionary order was quashed in favour of the assessee. Case-Laws Income Tax Fri, 21 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442969