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2015 (9) TMI 1652 - AT - Income TaxRevision u/s 263 - Nature of land sold and the cash deposited in the bank account - capital asset or agricultural land - HELD THAT:- From record it is clear that the AO made the investigation with regard to sale of the land and the cash deposited in the bank account of the assessee and family members. After making necessary inquiries, the AO accepted the returned income. He has also recorded that the land sold was not a capital asset within the meaning of section 2(14). The assessee submitted an agreement before the Assessing Officer which he has duly taken into cognizance and accepted the contents of the same as genuine. As per this agreement, the assessee has sold 5.35 hectares of land which he agreed to sell at ₹ 4,51,000/- per bigha. He has received cash of ₹ 1,50,000/- as advance on 6.10.2007 and cash of ₹ 55,50,000/- on 15.10.2007. The balance amount was to be received by 15.1.2008 and then assessee was bound to do registration in purchaser's name or in any person's name whom the purchaser wanted to get it registered. The assessee submitted this agreement before the AO which he has duly apprised and accepted the contents as true to explain the transaction in the assessee's bank account as he has not made any addition to that effect. In such a situation, any contrary view taken by the CIT with regard to the contents of the agreement for sale of the land shall amount to change in the view on the same issue. CIT himself was not sure about these transactions and he directed the Assessing Officer to examine the issue and make necessary inquiry and investigation and after ascertaining all the facts take decision as per law. This itself shows that the CIT himself was not sure regarding the erroneous of the order of the AO. AO has adopted a plausible view and the CIT was not justified in invoking the provisions of section 263. - Decided in favour of assessee.
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