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2020 (12) TMI 609 - AT - Income TaxValidity of revisional jurisdiction u/s. 263 - invocation of provisions of Sec.43CA - assessee sold flat for ₹ 24 Lacs as against stamp duty value (SDV) of ₹ 31.45 Lacs which would attract the provisions of Sec.43CA which was not considered by Ld. AO - HELD THAT:- After going through the terms of the agreement, it is evident that specific purchase rights were created in favor of purchaser in a specific property. This being the case, the subsequent execution of sale / conveyance deed and handing over the possession would merely be improvement in the existing title of the purchaser. The same is supported by the fact that whole of the sale consideration was already received by the assessee by May, 2012 which fall in financial year 2012-13. AR has made a statement that no sale deed or conveyance deed was executed in FY 2013-14. The sale has been offered in this year only due to the fact that the assessee was following project completion method. Undisputedly, the provisions of Sec.43CA were applicable only from AY 2014-15. It is another fact that details of agreement value as well as stamp duty value was already placed before Ld. AO during the course of original assessment proceedings and Ld. AO chose not to invoke the provisions of Sec. 43CA. This being the case, the revisional jurisdiction as exercised by Ld. Pr.CIT could not be sustained in the eyes of law. The primary condition to invoke the provisions of Sec.263 remains unfulfilled - Decided in favour of assessee.
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