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2019 (7) TMI 661 - AT - Income TaxRevision u/s 263 - proceedings barred by limitation - assessment order passed u/s u/s 153A r.w.s. 143(3) - HELD THAT:- No merit into this contention of the assessee that impugned order is hit by limitation as in the case in hand, there was no assessment u/s 143(3). It was merely a processing where the assessing officer had processed the return of the income and did not scrutinise the claim of the assessee. We are also in agreement of the finding of the Ld. CIT(DR) that section 147 and section 153A operate in two different and distinct fields. Therefore, the judgement of Hon'ble Apex Court rendered in the case of CIT Vs. Alagendran Finance Ltd. [2007 (7) TMI 304 - SUPREME COURT] would not help the assessee. Hence, we find no merit in the ground raised and the same is dismissed. Undisclosed sale of property - not working out LTCG in accordance with the value adopted by the stamp valuation authority as per section 50C - Lack of enquiry on the admissibility of claim for deduction u/s 54F - no incriminating material found - HELD THAT:- CIT had invoked provisions of section 263 of the Act on the basis that the assessee failed to disclose the sale consideration and also did not work out long term capital gain in accordance with the value adopted by the stamp valuation authority as per section 50C. The contention of the assessee is that provisions of section 50C of the Act are not applicable as the assessee is engaged in the real estate business. However, this fact is contrary to the records as per the audited report, wherein the nature of business is stated to be contractors/civil contractors. Hence, we do not have any hesitation to come to the conclusion that the Ld. Principal CIT was justified in invoking the provisions u/s 263. The grounds raised in the appeal are dismissed. However, before parting we wish to clarify that A.O. would decide claim of deduction u/s 54F in accordance with law. - Decided against assessee.
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