Tribunal held that\u00a0 the, sequence of events such as sale, purchase and other consequential transactions not discussed by AO.\u00a0 AO had referred to the Assistant Valuation Officer the valuation of land and the cost of acquisition as on April 1, 1981, but by the time of framing of assessment, the reply from the Assistant Valuation Officer had not been received by the AO and without considering it he had completed assessment and allowed the claim of the assessee under S. \u00a054F\u00a0without referring to it and recording the same in the assessment order. The AO\u00a0 failed to examine the claim of the assessee in terms of law contemplated therein. Therefore this was a case of lack of enquiry. The PCIT rightly assumes jurisdiction. Revision is held to be justified. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Sequence of events such as sale, purchase and other consequential transactions not discussed by AO-Revision is held to be valid. [S. 54F] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11046","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2Sa","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11046"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11046\/revisions"}],"predecessor-version":[{"id":11047,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11046\/revisions\/11047"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}