AO completed assessment under u/s 143(3) accepting the capital gains. PCIT passed the revision order holding that the A.O. should have referred the matter to DVO u/s 55A of the Act. On appeal the Tribunal held that on facts of the case AO was satisfied from valuation of property and he did not refer matter to DVO, it could be concluded that view taken by AO was one of possible views .Accordingly the revision order was set aside. ( AY.2013-14)
Jitindar Singh Chadha. v. PCIT (2019) 175 ITD 32/ 200 TTJ 98 (Delhi)(Trib.)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Valuation–Reference to valuation Officer- Discretionary power of the AO- Possible view–Revision is held to be not valid. [S. 45, 55A]