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Revisionary proceedings could be initiated by CIT if view taken by AO was clearly unsustainable in law

April 10, 2019[2019] 104 155 (Ahmedabad - Trib.)

IT : Assessing Officer accepted assessee's claim of considering sale consideration as per agreement, which was substantially lower, instead of stamp duty valuation (jantri value) as per section 50C for computation of capital gains. Even if matter was examined by Assessing Officer and it was conscious call of Assessing Officer to accept plea of assessee, such a situation would not take matter outside ambit of section 263 as view adopted by Assessing Officer was clearly unsustainable in law. Thus, revision proceedings under section 263 were justified and there was no infirmity in order of Commissioner directing re-examination of claims on merits

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