Arati Ray v.Dy. CIT (2024)115 ITR 1 (Kol)(Trib) Mallika Roy v.Dy. CIT (2024)115 ITR 1 (Kol)(Trib) Samit Roy v.Dy. CIT (2024)115 ITR 1 (Kol)(Trib)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Search and seizure-Stamp duty valuation-No new discovery of fact-Order of revision is quashed. [S. 45,48, 50C, 153A]

Returns of income was not subjected to scrutiny assessment.  There  was search proceedings. Return income is accepted in search proceedings. Commissioner revised the  assessment order on the basis of finding that stamp duty value of property is  higher than sale consideration. On appeal the Tribunal held that no new discovery of  fact in course of  search, no incriminating material was found   during search. Revision order is quashed.  (AY. 2014-15)

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