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2023 (3) TMI 716 - AT - Income Tax
Revision u/s 263 - short computation in the sale consideration being difference between the sale consideration offered for LTCG and market value of the property sold as per sale deed - HELD THAT:- On perusal of the assessment order passed under section 143(3) of the Act dated 28.12.2017, the Assessing Officer has not discussed anything about the defects noticed by the ld. PCIT. Assessing Officer issued notice under section 143(2) of the Act. However, the defects noticed by the ld. PCIT in respect of computation of LTCG and advance payment received from M/s. Harmony Residences Pvt. Ltd. No question has been asked on the above aspects and no reply was given by the assessee. Even under section 142(1) of the Act, the Assessing Officer has not issued any questionnaire in respect of LTCG and advance payments received from M/s. Harmony Residences Pvt. Ltd. and even no reply was given by the assessee on these aspects.
From the above, it is very clear that the Assessing Officer has not examined the above two defects noticed by the ld. PCIT. Therefore, we are of the opinion that the assessment order passed under section 143(3) of the Act is erroneous and prejudicial to the interest of Revenue and the ld. PCIT has rightly invoked the provisions of section 263 of the Act and directed the Assessing Officer to redo the assessment. Thus, we find no infirmity in the order passed by the ld. PCIT.Appeal filed by the assessee is dismissed.