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 of property by the assessee, Deepika Subramanian, for which the consideration and the stamp duty value exhibited a discrepancy. Pr. CIT believed the AO shou...