Tax Case: Section 263 Revision Examines AO's Oversight on Section 56(2)(vii)(b) Property FMV Assessment.

Revision u/s 263 - Income from other sources - AO failed to examine the applicability of s. 56(2)(vii)(b) - Fair Market Value (FMV) (guideline value under Stamp Act) of the property - . It is open for the revisionary authority to examine the same himself proceedings or direct the assessing authority to do so. However, once he adopts the latter course, it is not for us to interfere with the exercise of his discretionary power. - AT .....

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