Revisionary proceedings could be initiated by CIT if view taken by AO was clearly unsustainable in law

IT : Assessing Officer accepted assessee's claim of considering sale consideration as per agreement, which was substantially lower, instead of stamp duty valuation (jantri value) as per section 50C for computation of capital gains. Even if matter was examined by Assessing Officer and it was conscious call of Assessing Officer to accept plea of assessee, such a situation would not take matter outside ambit of section 263 as view adopted by Assessing Officer was clearly unsustainable in law.

from www.taxmann.com Latest Case Laws http://bit.ly/2KmsUed