2024 (8) TMI 373 - SCH - Income Tax

Revision u/s 263 by CIT - under-assessment by virtue of the fact that the valuation that had been placed by the concerned authority for affixation of stamp duty was higher - As decided by HC 2023 (6) TMI 1133 - DELHI HIGH COURT it was not the respondent/assessee who effectuated the sale of the subject land. The subject land was sold by the secured lenders to recover from dues owed by the respondent/assessee, that the Tribunal correctly concluded that the PCIT had failed to notice the underlying facts, while invoking his powers under Section 263 HELD THAT - We are not inclined to interfere with the impugned judgment and order passed by the High Court. Hence, the Special Leave Petition is dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition without interfering with the impugned judgment and order passed by the High Court. Delay was condoned.