High Court Rules PCIT's Revision u/s 263 Unsustainable; Guideline Value Not Reflective of Fair Market Value.

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....Revision u/s 263 - PCIT, has not dealt with this specific objection, but, would fault the assessing officer for not invoking Section 56(2)(vii)(b)(ii) merely on the ground that the market value was higher. As point out earlier, the guideline value is only an indicator and that will always not represent the fair market value of the property and therefore, the invocation of the power under Section 263 by the PCIT is not sustainable in law. - HC....