Assessment cannot be deemed as erroneous merely for difference between guideline value & sale consideration

Deepika Subramanian Vs PCIT (ITAT Chennai)

Introduction: In a significant decision emanating from ITAT Chennai, the tribunal delved into the powers of the Pr. Commissioner of Income Tax, Chennai-3 (Pr. CIT) when invoking section 263. The case in point, “Deepika Subramanian Vs PCIT”, revolves around the revisionary jurisdiction and its implications on assessment orders.

Analysis: The crux of the case revolved around the purchase

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