The Tribunal held that there was a difference between the stated consideration received for transfer of the property and the guideline value of the property as on the date of registration. The assessment order passed by the Assessing Officer was erroneous, in so far as it was prejudicial to the interests of the Revenue. (AY.2015-16)
Dhanalakshmi Mills Ltd v. Dy.CIT (2022)97 ITR 77 (SN) (Chennai) (Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Difference between sale consideration of property and guideline value of property on date of registration-Revision justified. [S. 45, 50C]