Court Upholds Section 263 Revision: Accurate Share Valuation Required Despite Company's Ceased Operations, Valuable Land Assets Involved.

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....Revision u/s 263 by CIT - sale of shares - valuation - The facts of the present case reveal that the invocation of power u/s 263(3) was justified. Though the said company had closed down its business in the year 2002, it was endowed with sufficient valuable assets in the form of land. Therefore, the value of the shares ought to have been properly determined by the appellant and the Assessing Officer. - HC....