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No Sec. 263 revision just because guide line value of property was higher than sales consideration

October 15, 2020[2020] 120 187 (Madras)

INCOME TAX : Where in limited scrutiny with regard to purchase of property by assessee, Assessing Officer after hearing assessee and verifying source of funds made addition but Commissioner revised said order on the ground that guideline value of said property at relevant time was higher than sale consideration reflected in registered document, since guideline value is only an indicator and same is fixed by State Government for purposes of calculating stamp duty on a deal of conveyance, invoking of section 263 not sustainable
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