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2015 (12) TMI 450 - ITAT PUNERevision u/s.263 - as per CIT(A) instead of showing the entire sale proceeds the assessee has shown only 50% of the sale proceeds as his income which the AO failed to verify and the AO has not made proper enquiries regarding the cash received amounting from M/s. Krupa Land Ltd. against sale of land - Held that:- We find from the various agreements and deeds of conveyance that the assessee has entered into transactions with different parties along with Shri Sunil Tukaram Patil either as a purchase or as a seller or as a consenting party. The name of the assessee as well as Shri Sunil Tukaram Patil appear in all the documents relating to land deals mentioned by the Ld.CIT. Therefore, it is incorrect to say that the entire profit should have been shown by the assessee instead of showing 50%. We find all these documents were filed before the AO who testchecked the same and has accepted the income shown by the assessee being 50% share in such land deals. Therefore, it cannot be said that there was non-application of mind and that the order is erroneous. The assessment order in this case was passed on 18-11-2011. The assessment record was called for during the course of hearing. It was revealed that the JCIT vide letter dated 02-02-2012 addressed to the AO has intimated for appropriate action u/s.147 in the case of the assessee on account of receipt of unaccounted income in cash in respect of land deals with M/s. Krupa Land Ltd. in A.Y. 2008-09 and 2009- 10. A copy of the letter addressed by the JCIT to the AO was filed by the Ld. Departmental Representative at the time of hearing which is placed on record. Therefore, at the time of passing of the assessment order the AO was not in possession of the letter received from JCIT (OSD) Central Circle-39, Mumbai. In absence of any such information at the time of completion of the assessment the AO could not have asked the assessee to explain the cash transactions, if any with M/s. Krupa Land Ltd. Therefore, on the basis of a subsequent letter addressed to the AO after completion of the assessment the Ld.CIT could not have assumed jurisdiction u/s.263 on this issue holding that the order of the AO is erroneous and prejudicial to the interest of the revenue. In view of the above, we are of the considered opinion that the Ld.CIT has wrongly assumed jurisdiction u/s.263 which is not correct under the facts and circumstances of the case. We therefore set aside the order passed u/s.263 by the Ld.CIT. - Decided in favour of assessee.
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