Taxman's prudence on valuation report & jurisdiction prevails.

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Full Text of the Document

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....Relevance of the valuation report received after assessment, the application of mind by the PCIT in invoking Section 263 revision jurisdiction, the treatment of valuation issues u/s 154 rectification, and the jurisdiction of the PCIT (Central), Nagpur in revision proceedings. It holds that there is no time limit for furnishing the valuation officer's report, and the PCIT had duly applied their mind before invoking Section 263. Valuation issues would not attract Section 154 rectification as per the Supreme Court's ruling. The PCIT (Central), Nagpur had jurisdiction in the revision proceedings, as the assessee failed to prove otherwise. The ITAT rejected all the assessee's arguments and decided against them.....