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2021 (9) TMI 404 - ITAT JODHPURRevision u/s 263 - case was selected for scrutiny under Cass and order u/s 143(3) - income from other sources u/s 56(2)(vii)(b) -assessee had purchased a property jointly with one person in which there was difference in the value as adopted for stamp duty purposes - contention of the assessee had been that since he is carrying on business as a dealer and investor in real estate, the amount paid represents actual consideration paid in normal course of trade and cannot be regarded as gift as contemplated in section 56(2)(vii) - Whether plots of land were in the nature of stock in trade? - HELD THAT:- As perused the material placed on record and we find that the assessment order cannot be said to be erroneous or prejudicial to the interest of revenue. The selection of the case was for limited scrutiny and the Ld. PCIT has not shown on what issue the order was erroneous on the issues on which the selection of the case was made. Other issues cannot be considered for setting aside the order. Coordinate Jaipur Bench in SHRI ASHOK AGARWAL HUF AND (VICE-VERSA) [2020 (8) TMI 94 - ITAT JAIPUR] on similar issue in the case of real estate dealer had taken a view that for the purpose of section 56(2)(vii)(b) the term capital asset would not include the stock in trade. This is one possible view which if taken cannot be said to be erroneous or prejudicial to the interest of revenue. In these circumstances we hold that the assessment order cannot be set aside, and accordingly the revision order made is quashed. - Decided in favour of assessee.
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