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2021 (6) TMI 443 - AT - Income TaxRevision u/s 263 - stamp valuation adopted for sale of flats - assessee has adopted the incorrect sale value in the books of accounts and therefore the difference in sale value has to be added as per the provisions of Sec.43CA - assessee has not provided complete details of payments and the provisions of Sec. 43CA of the Act are applicable from A.Y 2014-15 . The assessee also has failed to produce any letter of allotment of flat specifying the area of the flat and relevant details - HELD THAT:- The assessee has filed the requisite details in respect of flats which includes name of flat owner, date of booking, stamp duty payment dates, date of registration , agreement value and also market value as on the date of registration. Further the agreements of sale were filed in the course of hearing before the A.O. On perusal of the assessment order at page 1 Para 3 the assessing officer has made observations that in respect of the projects, the assesses has furnished the relevant details. The revenue is disputing on non conduct of enquiry, but we find the assessee firm has discharged its burden of proof on submitting the vital requisite details called for by the assessing officer by issue of statutory notice U/sec 142(1) of the Act along with the questioner which cannot be over looked. Since the information was available with the A.O in the course of the assessment, the A.O. has considered the facts, submissions and evidences filed and took a view. In the assessment proceedings the assessee has responded to the clarifications / quires raised by the A.O. and after verification and satisfaction of claims, the assessing officer has passed the order U/sec143(3) of the Act. The assessee firm has offered income on the sale transactions in the Asst Year 2013-14, and these facts are filed before the assessing officer and was accepted by the revenue. The payment of stamp duty and income on flats was offered in AY 2013-14 but only registrations happened on 7/05/2013 which falls in the Asst year 2014-15, Hence there is no loss of revenue to the Income tax department and the provisions of Sec 43CA of the Act are not applicable. Assessing officer order passed u/sec143(3) of the Act does not satisfy the twin conditions of erroneous and prejudicial to the interest of revenue and Accordingly, the revision order passed by the Ld.Pr.CIT is quashed - Decided in favour of assessee.
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