Allowing the appeal of the revenue the Court held that , the AO has computed the capital gains without considering nature of right of assessee over land , accordingly the revision was held to be valid as the AO has not examined the matter in the correct perspective . Revision by Commissioner is held to be valid(AY.2007-08, 2008-09, 2009-10 )
CIT v. Upper India Couper Paper Mills Co. P. Ltd. (2018) 405 ITR 48/ 304 CTR 275/ 169 DTR 233 (All) (HC)
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Land converted in to stock in trade -Leased property – Computation of capital gains without considering nature of right of assessee over land , accordingly the revision was held to be valid as the AO has not examined the matter in the correct perspective . [ S.45( 2) ]