https://www.taxtmi.com/caselaws?id=450752 The ITAT Ahmedabad allowed the assessee's appeal against the CIT's revision order under section 263. The CIT had found error in the AO's failure to examine property sales against stamp duty values for section 43CA application. However, the ITAT held that the CIT failed to demonstrate any instance where stamp duty value exceeded actual sale consideration among 27 properties sold. The CIT's finding was based on incorrect appreciation of facts regarding stamp duty valuation certificates. The ITAT ruled that questioning stamp duty authority's valuation is beyond revenue authorities' powers under section 43CA, which only permits substituting actual consideration with stamp duty value when the latter exceeds the former. en-us Fri, 08 Mar 2024 00:00:00 +0530 Tue, 12 Mar 2024 08:56:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450752 The ITAT Ahmedabad allowed the assessee's appeal against the CIT's revision order under section 263. The CIT had found error in the AO's failure to examine property sales against stamp duty values for section 43CA application. However, the ITAT held that the CIT failed to demonstrate any instance where stamp duty value exceeded actual sale consideration among 27 properties sold. The CIT's finding was based on incorrect appreciation of facts regarding stamp duty valuation certificates. The ITAT ruled that questioning stamp duty authority's valuation is beyond revenue authorities' powers under section 43CA, which only permits substituting actual consideration with stamp duty value when the latter exceeds the former. Case-Laws Income Tax Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450752