TMI Blog2022 (4) TMI 801X X X X Extracts X X X X X X X X Extracts X X X X ..... PCIT issued show-cause notice under section 263 of the Act on the ground that the assessment order is erroneous and prejudicial to the interest of Revenue since the assessee has not offered the revised stamp duty value of the immovable property purchased as income from other sources as per section 56(2) - ongoing through the relevant provisions, we find that the relevant assessment year under consideration is 2013-14 and the provisions of section 56(2)(vii)(b) was introduced in the Finance Act, 2013 w.e.f. assessment year 2014-15. Therefore, we are of the opinion that the provisions of section 56(2)(vii)(b) of the Act has no application to the assessment year 2013-14 under consideration and accordingly, the revision order passed under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeals filed by the assessee are delayed by 60 days in filing the appeal due to outbreak of COVID-19 pandemic and accordingly, the delay is condoned and admitted the appeal for adjudication. 3. Facts are, in brief, that the Assessing Officer has reopened the assessment under section 147 of the Act on the ground that the assessee has filed her return of income without disclosing purchase of immovable property of ₹ 1,18,80,000/-. Accordingly, the Assessing Officer issued notice under section 148 of the Act and in response to the notice, the assessee has filed her return of income for the assessment year 2013-14 admitting a total income of ₹ 8,81,610/- on 13.09.2017. The Assessing Officer issued notice under section 143(2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessment on the ground that the assessment order is erroneous and prejudicial to the interest of Revenue in terms of application of provisions of section 56(2) of the Act. 6. On being aggrieved, the assessee is in appeal before the Tribunal. The ld. counsel for the assessee has submitted that the provisions of section 56(2)(vii)(b) of the Act is came into effect only from the assessment year 2014-15 and thus, not applicable to the assessment year 2013-14 and prayed for quashing the revision order passed under section 263 of the Act. 7. On the other hand, the ld. DR supported the order passed by the ld. PCIT. 8. We have heard both the sides, perused the materials available on record and gone through the orders of authorities bel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered the revised stamp duty value of the immovable property purchased as income from other sources as per section 56(2) of the Act and in view of the above, the total income escaped in the whole transaction works out to ₹ 2,48,86,000/- and the 1/7th share of the assessee out of this is ₹ 35,40,857/- Against the above show cause notice dated 05.03.2020, the assessee has neither appeared nor furnished any written submission and accordingly, while setting aside the assessment order, the ld. PCIT directed the Assessing Officer to redo the assessment. Since the provisions of section 56(2)(vii)(b) of the Act applies with effect from the assessment year 2014-15 and the assessment year under consideration is also 2014-15, we are of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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