Section 263 order justified if AO failed to rightly compute Capital Gain on Sale of Land

Dhanalakshmi Mills Ltd. Vs DCIT (ITAT Chennai) Admittedly, the Assessing Officer has caused necessary inquiries with regard to computation of long term capital gain derived transfer of property and has computed capital gain by taking into account cost of acquisition claimed by the assessee without disturbing consideration received from transfer of property, even though, there is difference in guideline value of property. From order of the Assessing Officer, what we could notice is that although, provisions of section 50C could have been applied in the given facts and circumstances of the case,...