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2022 (8) TMI 905 - AT - Income TaxRevision u/s 263 by CIT - valuation requires verification based on correct address given by the buyer - applicability of provisions of section 50C - HELD THAT:- We noted that this very issue of revision proceedings u/s. 263 of the Act in the case of applicability of provisions of section 50C of the Act, where there is difference between the sale consideration as per sale deed and guideline value fixed by stamp valuation authority and because the guideline value is higher than the sale consideration as shown in the sale deed, it cannot be a reason for holding that the assessment is erroneous and prejudicial to the interest of revenue. Admittedly in the present case the assessee has registered the sale consideration in the sale deed of the property sold at Rs. 6,01,47,000/- as against the value adopted by sub-registrar office for charging stamp duty in view of the guideline value fixed at Rs. 9,51,20,528/-. The assessee sold the property of an extent of 9980 sq.ft, bearing Door #31F, Old Door #59, New Door #109, Anna Salai Lane (Mount Road), Guindy Ranganathan Street, Guindy, Chennai – 600 032 to M/s. Rajam Foods P Ltd for a sale consideration of 601,47,000/- on 10.07.2015vide a deed of sale registered as document #1908/15 in the office of SRO, Adyar, Chennai. Respectfully following the decision of Hon’ble Madras High Court in the case of Smt. Padmavathi [2020 (10) TMI 425 - MADRAS HIGH COURT] we are of the view that the revision proceedings and order passed for revising of assessment by the PCIT is bad in law and hence quashed. In the present case before us the PCIT has ignored the valuation report of an approved valuer filed with the AO along with the photographs and survey plan and then framed assessment and formed an opinion that the sale consideration disclosed by assessee is a right consideration. Hence, according to us PCIT cannot interfere in the assessment order while acting u/s. 263 of the Act. Assessee appeal allowed.
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