https://www.taxtmi.com/caselaws?id=768127 The ITAT quashed the Principal Commissioner's revisionary order under Section 263 and restored the Assessing Officer's original assessment. The Tribunal found the AO had properly examined all relevant documents, including a court order directing sale of property at Rs. 46.50 Lacs (below stamp duty valuation). The AO's acceptance of this valuation represented a plausible view after due verification, not an erroneous assessment prejudicial to revenue interests. The Tribunal emphasized that Section 50C provisions are not absolute, and stamp duty valuations are merely indicative rather than conclusive for tax assessment purposes. en-us Fri, 28 Mar 2025 00:00:00 +0530 Tue, 01 Apr 2025 08:31:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768127 The ITAT quashed the Principal Commissioner's revisionary order under Section 263 and restored the Assessing Officer's original assessment. The Tribunal found the AO had properly examined all relevant documents, including a court order directing sale of property at Rs. 46.50 Lacs (below stamp duty valuation). The AO's acceptance of this valuation represented a plausible view after due verification, not an erroneous assessment prejudicial to revenue interests. The Tribunal emphasized that Section 50C provisions are not absolute, and stamp duty valuations are merely indicative rather than conclusive for tax assessment purposes. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768127